During a recent NOW FINANCE customer survey, we asked people what was on their wish list right now, but what they couldn’t afford to buy. While we provided numerous options for people to answer, some wish list items stood out far above the others.
What Do the Results Say About Australians?
The results of our survey indicate that Australians want to live the Australian Dream, despite what the Dream meaning having changed somewhat in recent years.
The full response can be seen in the chart below.
How do the results of our survey compare to the national data for Australia from Roy Morgan, which projects that nearly 2million Australians have a personal loan of some description?
Holidays, Aussies Need a Break!
Our survey revealed that the most popular thing on Australians’ wish list is a holiday, with 45% listing it as something they’d love to do but cannot afford. Aussies need a break! The beauty of living in Australia is that you don’t need to jump on an aeroplane to Europe or necessarily look at spending a lot of money in order to take a holiday, though the fact that so many Australians said they couldn’t afford it certainly indicates they’re thinking more once in a lifetime trip and less a week down at their nearest beachfront.
Overall it is projected that 81,000 Australians have an active personal loan that they used for travel purposes, while 8% of all personal loans settled by NOW FINANCE are used for funding travel.
Given that there’s such a large number of people who want to take a holiday but say they can’t afford it, it is likely that there are millions of Australians out there who don’t realise they could use a personal loan to fund their next holiday. Another question in our survey revealed that 44% of Australians never travel abroad. Could these be among those wishing to take a holiday but that feel they can’t afford to?
From a holiday perspective the Australian Dream is to take an overseas holiday each year or to own a beach house as a second home. Are Australians missing out on some great experiences both across Australia and elsewhere around the world because they’re saving to take out a second mortgage on a beach house? That’s certainly something worth aiming for, but if you’re not confident the day will come when you can apply for that mortgage, why not follow a travel ambition now?
They Want to Buy Their Own Home
Home ownership is still considered a major foundation of the Australian Dream, and a measure of how successful you are, although a growing number of people, especially in the Gen Y demographic, are pragmatic about their chances of ever owning a home and thus pursue different ambitions, including that of travelling.
Even so, home ownership does still remain a big ambition for many, even if it does feel like a distant one. Our survey reflected this, with 39% saying they wanted to buy a home but couldn’t afford it. What we don’t know is how many people have dropped the ambition to ever buy a home because of the cost, or how many are realistic about their chances of getting a mortgage due to their credit rating. As a result the true percentage of Australians who want to buy a home could actually be far higher than our survey indicated.
Owning our own home is usually the best way to increase our net worth; it’s the most expensive asset most of us will ever purchase and our net worth increases as we repay our mortgage and the value of our home increases.
Aussies Want to Buy a Car
The next most common item finding its way onto Australians’ wish list is a car. Our survey found that 34% of Australians want to buy a new car but cannot afford to do so.
Despite this being a high percentage of Australians, personal loans for buying cars are easily the most popular loan type in the country.
Roy Morgan estimates there are over 1.2million active personal loans held by Australians that have been used to buy cars, which makes up almost a third of the entire personal loan marketplace. Here at NOW FINANCE, 27% of all our settled personal loans are used for buying a car.
Unlike with holidays, where we believe people aren’t aware they can take out a loan to cover the cost of travel, the sheer number of active loans out there indicates that Australians are widely using personal loans to help them buy a car.
When it comes to the Australian Dream, owing a car is considered a requisite, while having a car each is what is considered to be ‘living the Dream’ for couples. Given the number of car loans active in the country, it appears people are prioritising what they feel is more important in life. After all, with 72% of Australians using a car to travel to work, this is an essential part of us being able to make a living, as well as having an impact on our own social mobility and that of our children.
Depending on your holiday habits, your car can also be useful for getting you across Australia when it’s time to take a break, too.
What do You Want?
At NOW FINANCE, we allow Australians to get those things they want now by showing them how they can use a personal loan to live their dreams. Whether you are dreaming of taking a once in a lifetime holiday, or you need a new car, or you have something else on your wish list that you feel you’d like to achieve, NOW FINANCE may be able to help.
Get your interest rate before applying so you can understand exactly what you might be able to borrow, and work out what is affordable for you. Once you have done this, that dream holiday or your new car might be just our 10-minute online application away from becoming a reality.
Whatever you want in life, NOW FINANCE can help you get it now.
Disclaimer: This article contains general comments and recommendations only. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs. If this article relates to the acquisition, or possible acquisition, of a particular credit product you should obtain and consider the relevant disclosure documents before applying for the product.