Life matters:

Heidi Armstrong

As a society we’re constantly chasing the idea of having more, whether it’s a bigger house, car or pay packet. But is this really the key to happiness, or have we become so consumed with the idea of keeping up with the Joneses that we’ve lost sight of what it is to have a truly fulfilled life?

As a nation we now owe a staggering $32 billion in credit card debt – that’s an average of $4300 per cardholder, as reported by the Australian Securities and Investments Commission. And our spending shows no signs of slowing. In fact, in April the Bureau of Statistics recorded the biggest monthly spending jump in the retail sector in 2½ years.

So, given our wage growth is the lowest it’s been since the late 1990s, why are we spending so much?

We live in a throwaway society

These days shopping is all about gadgets and fast fashion. Gone are the days of getting your shoes resoled or buttons sewn back onto your sweater. Products are so cheap that fixing something can either be more expensive or a bigger hassle than buying a new item.

Consumers have become caught up in the cycle of purchasing and continually upgrading their digital gadgets. Today having the latest digital technology can include a long list of items such as a flat-screen TV, iPad, smartphone, Fitbit, computer and much more. However, this can come at a cost. State of the Nation, a report published by Digital Australia earlier this year, has revealed that each Australian spends an average of $3426 every year on digital technology. In a four-adult household that’s a staggering $13,704 a year.

Putting aside the question of cost, what about the other obvious question: “Why do we need so much stuff?” In so many areas of our lives we seem to be super-sizing or upgrading in the hope that this will bring some sense of satisfaction – and the Australian home is no exception.

A study completed by The Conversation website has uncovered that Australians now have the largest homes in the world. Over the past 60 years the average size has more than doubled, going from around 100sq m in 1950 to 240sq m today. At the same time, the number of people living under one roof has declined.

Perhaps we’ve become so consumed by trying to appear “successful”, with the latest gadgets and homes, that we’ve lost sight of what we truly want. The same can be said of our careers. The hierarchical structure of many workplaces creates a culture that encourages “climbing the ladder”. However, this can make it difficult to enjoy the present as we constantly strive for more.

Does money buy happiness?

As professionals we’re trained, especially in the corporate world, to chase that next big promotion or pay rise but this may not be the road to happiness.

According to a study completed by Nobel Prize winners Angus Deaton and Daniel Kahneman in 2010, there is no correlation between happiness and income beyond $75,000. So those who think their next pay rise is set to deliver happiness could be sorely disappointed.

Professionally we can all get caught up in chasing the pot of gold at the end of the rainbow. But unless we know what we want the pot to contain, what’s the point? Perhaps in order to live a truly rich life, we need to start by redefining what financial success and

security mean personally.

Redefine financial security

We all want to feel financially secure and successful but what that actually looks like will differ greatly depending on the person.

Instead of just mindlessly chasing “more”, a better solution might be to ask, “Why am I doing this and what is it that I want?” Start by writing down what financial security means to you and work backwards from there. For some this might include home ownership but for others perhaps not.

Many of us float through life ticking off boxes because that’s what’s expected. But perhaps it’s time we became active participants in our own lives, instead of just going through the motions.

Figure out what’s important to you. This will help you live out a life that isn’t just characterised by having “more” but is defined by your own goals and aspirations for the future.