Money blocking dreams

LOW bank balances are stopping Australians from living their dreams, new research has revealed.

The study, commissioned by the Financial Planning Association of Australia (FPA), found two in five respondents were not where they wanted to be in life and 48 per cent were being held back by lack of money. This was ahead of time constraints (28 per cent) and debt (26 per cent).

Bad decisions (18 per cent), wrong career choices (15 per cent) and poor future planning (14 per cent) were major factors.

The McCrindle Research survey of 2635 Australians revealed a better lifestyle and financial independence were top ideals for people.

The 23 per cent who were living their dreams were largely free of financial stress, said FPA CEO Dante De Gori.

“More than one in three is not at all stressed about finances, compared to 11 per cent of those not living the dream,” Mr De Gori said.

“By identifying our life goals and putting in place a financial plan … we can reduce stress and work towards our dreams.”

Meanwhile, 80 per cent of all respondents experienced financial stress. Many had regrets; whether a poor decision or simply not saving enough.

Michael Towell and daughter Molly were stressed after a new venture turned sour several years ago.

“I made a decision to change my career and it didn’t work,” Mr Towell said. “I thought the grass was greener, but it turned out to be dirt brown.

“I had some bad advice at the time and lost a lot of money.”

Mr Towell made financial sacrifices to get back on his feet, while Molly worked part time jobs throughout school.

“There were sleepless nights and I thought we would lose the house at one stage,” Mr Towell said. “But in the end I got through it and got back to what I know, which is plumbing.”

Mr Towell now runs his plumbing business, while Molly is studying teaching.

“If I didn’t have a go, I would never have known, but I wouldn’t want to go through that again,” Mr Towell said. “Whatever you do, don’t listen to the advice of just one person. Go and get a second opinion … and a third and a fourth too.”