Invest
Where do the priorities of Australians lie?
A new survey revealing what Australians value the most has highlighted that we’re a society not too hung up on material things.
Where do the priorities of Australians lie?
A new survey revealing what Australians value the most has highlighted that we’re a society not too hung up on material things.
Compare the Market has released research showing that one in two Australians — or 52 per cent — would consider their family as the most important aspect of their life.
A further 18 per cent indicated their most valuable possession was their own life.
Just 13 per cent considered their property to be their most important and valuable priority, while 5 per cent volunteered that their ability to go on holidays was of utmost importance to their life.
Pets (3 per cent), a car (3 per cent), having a social life (2 per cent) and having a job (2 per cent) rounded out the eight preferences in terms of value.
The high value placed on family members and on an individual’s own life by survey respondents was subject to closer scrutiny by the survey, which also considered attitudes to life insurance and income protection.
Nearly half of respondents, or 46 per cent, said they did not have life insurance for cost reasons.
A further 30 per cent revealed they didn’t think they actually needed it.
It was a similar story for income protection, where 37 per cent of respondents considered such protection “not a necessity”, while 28 per cent cited costs as a barrier.
A further 9 per cent did not have such cover because they didn’t actually understand how it worked.
Compare the Market conceded that “without a proper safety net in place, most people can’t survive on their own if they suddenly found themselves out of a job”.
It highlighted how being insured with life insurance and income protection “could make all the difference for family members” who may be spared the expense of ongoing living costs like mortgage repayments or school fees.
RELATED ARTICLES
About the author
About the author
Insurance
Australians prioritise life insurance over luxuries amid cost-of-living pressures
Australians are choosing to maintain life insurance and income protection policies over discretionary spending including gym memberships, holidays and mobile phone upgrades, new research has found. Read more
Insurance
Aussie property owners teeter on financial ruin as underinsurance crisis escalates
According to industry-first data compiled by leading insurance expert MCG Quantity Surveyors, Australian property owners are facing a dire underinsurance crisis, with many just one insurance event ...Read more
Insurance
Insurers ramp up concerns over greenwashing amid stricter ESG standards
A recent global study has shed light on the growing apprehensions within the insurance industry regarding greenwashing, as environmental, social, and governance (ESG) criteria become more rigorous. Read more
Insurance
Ortec Finance study highlights insurers' readiness to tackle increased investment risks amidst growing concerns
A new study conducted by Ortec Finance, a premier provider of risk and return management solutions for the financial sector, indicates a notable shift in the risk-taking attitude among insurers ...Read more
Insurance
Climate disasters leave 1 in 25 properties uninsurable by 2030
Climate change-induced disasters and mounting risks of dangerous weather will make one in 25 Australian properties “effectively uninsurable” by 2030, according to a damning new report from Australia’s ...Read more
Insurance
Insurers running for cover from accusation of “failing consumers”
As insurance providers have recently been inundated with a large volume of claims for damages from yet another set of so-called “once-in-a-hundred-years” floods, the embattled sector is now coming ...Read more
Insurance
Class action over add-on insurance commences in court
Allianz has been accused of engaging in misleading or deceptive conduct. Read more
Insurance
Saving money on insurance means asking the right questions
There are plenty of must-do’s and missteps that those looking to buy home and contents insurance need to stay on top of. Read more
Insurance
Australians prioritise life insurance over luxuries amid cost-of-living pressures
Australians are choosing to maintain life insurance and income protection policies over discretionary spending including gym memberships, holidays and mobile phone upgrades, new research has found. Read more
Insurance
Aussie property owners teeter on financial ruin as underinsurance crisis escalates
According to industry-first data compiled by leading insurance expert MCG Quantity Surveyors, Australian property owners are facing a dire underinsurance crisis, with many just one insurance event ...Read more
Insurance
Insurers ramp up concerns over greenwashing amid stricter ESG standards
A recent global study has shed light on the growing apprehensions within the insurance industry regarding greenwashing, as environmental, social, and governance (ESG) criteria become more rigorous. Read more
Insurance
Ortec Finance study highlights insurers' readiness to tackle increased investment risks amidst growing concerns
A new study conducted by Ortec Finance, a premier provider of risk and return management solutions for the financial sector, indicates a notable shift in the risk-taking attitude among insurers ...Read more
Insurance
Climate disasters leave 1 in 25 properties uninsurable by 2030
Climate change-induced disasters and mounting risks of dangerous weather will make one in 25 Australian properties “effectively uninsurable” by 2030, according to a damning new report from Australia’s ...Read more
Insurance
Insurers running for cover from accusation of “failing consumers”
As insurance providers have recently been inundated with a large volume of claims for damages from yet another set of so-called “once-in-a-hundred-years” floods, the embattled sector is now coming ...Read more
Insurance
Class action over add-on insurance commences in court
Allianz has been accused of engaging in misleading or deceptive conduct. Read more
Insurance
Saving money on insurance means asking the right questions
There are plenty of must-do’s and missteps that those looking to buy home and contents insurance need to stay on top of. Read more
