Why buying property can make you happy
According to the RaboDirect Financial Health Barometer 2015, mortgage holders and those who already own their own homes generally have a higher wellbeing than those who have no plans to buy a house.
The 2015 Financial Health Barometer surveyed a total of 2,500 Australians aged between 18 and 65 and found that half of homeowners were completely happy with life, of which 44 per cent stated they were in excellent health, 53 per cent said they felt in control of their lives whilst 67 per cent always try to make healthy choices.
In comparison, those who said they had no intention to buy a house, only 29 per cent said they were completely happy with life, 27 per cent said they were in excellent health, 29 per cent thought they were in control of their lives, whilst 45 per cent always tried to make healthy choices.
When looking in more detail, the survey respondents that said they have no intentions to buy a property were also the ones who were most likely not to be investing in their health. Out of those who are not intending to buy a property, 15 per cent buy organic food, whilst 10 per cent say they use a gym. In comparison, 29 per cent of homeowners buy organic food, whilst 25 per cent use a gym.
According to Glenn Wealands, head of research and analytics at RaboDirect Australia, “having a savings goal and plan around items like home ownership can bring happiness”.
Mr Wealands also mentions, “Our research this year clearly shows that Australians who are motivated in all aspects of life from health and fitness, getting out to watch a sports match or walking their dog, are generally more happy and financially in control.”
Mr Wealands continues, “The lesson here is to get motivated about your money. At RaboDirect, we understand how hard Australians work to earn money and we want to ensure they’re making the most of their savings so they can make the most of life. Simple tactics such as swapping from a transaction account to an account earning higher interest rate can make all the difference.
“There’s a lot of commentary in the market at the moment around the booming property market and the impact it is having on Australians. And it’s clear from this year’s Financial Health Barometer that people who are in the property market are more inclined to pursue activities to boost their health and fitness, and feel happier with their lives overall.”
Owning your own home can lift a huge weight off your shoulders to provide you with stability in life. A property can also provide a level of comfort as generally homeowners have a savings plan in place and know what their goals are they want to achieve.
Owning a property does not necessarily mean you have a financial burden. It can also mean the opposite. If you are a property investor, then any income you make from the property can be used towards holidays, attending sporting events and doing all the things you enjoy doing that makes you happy.
So if you have no intention to buy a property, then it might be wise to think again and work out exactly what you want out of life and how you will realistically achieve these goals. Investing in property is just one way to help secure your financial future and make and you never know, it could increase your wellbeing too!
Published on 15th of December 2015 by Marty Stanowich