RaboDirect report finds happiest Australians make between $80,000 and $100,000

In confirmation that the old adage ‘money can’t buy you happiness’ might well be true (to a degree), a new report from RaboDirect has found that the happiest Australians are not the ultra-rich, but rather those who make a bit more than average.

RaboDirect’s 2017 Financial Health Barometer Happiness Report revealed that 51% of Aussies making between $80,000 and $100,000 per year felt completely happy with their lives - the happiest income group polled for the report and slightly above the average Australian salary of $78,832 in 2016.

The report, which surveyed 2,300 Australians between 18 and 65, found that friends and family, community engagement, and finances were all key components which determined happiness.

“This suggests australia’s affinity with mateship and a sense of belonging, is doing us good. Having positive relationships with loved ones offers a possibility for enjoyable interactions and also a source of support when things go awry,” said Clinical Psychologist Nick Petrovic on the report’s findings. 

“Financial security can also mean a greater sense of freedom, peace of mind anda greater opportunity for happiness. Money may not be able to fix every problem but it can offer you the time, space and opportunity to do the things that make you happy.”

Despite being one of the happiest countries in the world in 2016 the Rabo report revealed that only 44% of Australians are completely happy with their lives, with a noticeable difference in happiness levels between different age groups and locations.

Generation Y proved that uncertain housing and job prospects weren’t completely bringing them down, with 49% describing themselves as completely happy with life compared to 44% of Baby Boomers and 41% of those from Generation X.

When it came to location those living in Victoria proved to be the happiest in the nation (47% suggesting they were completely happy with life), followed by 44% of those from New South Wales, Queensland and Western Australia.

The report revealed that aside from personal relationships, financial factors such as establishing good savings habits, having a solid financial plan and staying financially informed were all linked with happiness, irrespective of age or location.

“It’s interesting to note that as we progress through life, different factors become more important to our happiness. However, having great personal relationships and a long-term financial plan are important elements of happiness no matter what life stage we are in,” said Glenn Wealands, Head of Research and Analytics for Rabobank Australia and New Zealand.

“It’s clear no matter who you are or what life stage you’re in, having financial confidence is important to ensuring happiness.”

Are you unhappy with the amount of interest you're making with your current savings account? Don’t settle for less, head over to our savings account hub to compare a range of high interest offers with 195 savings accounts from 69 providers.