When I was six, if I had enough money for a soft serve and rented VHS, I was balling. I felt like I was made of cash. I was king of the playground.
However, when I became an adult, my expenses changed. Unfortunately, you can’t eat soft serves for every meal. Furthermore, it’s incredibly tricky to get the zoning permits for a Sydney apartment made from VHS tapes.
Therefore, to feel rich, I would now need more than a $10 note. And I’m not alone here. According to a Finder survey of 1081 Aussies, the average person needs $336,516 per year to feel wealthy.
Sarah Megginson, the Managing Editor at Finder, warned that desiring more money for the sake of it can be dangerous and set unrealistic expectations.
“A small number of high-income earners can make average income figures seem impressive, but remember the typical Australian is on a salary of just over $50,000,” said Megginson.
“It’s easy to get caught up in comparing yourself to others who seem like they have it all: Social media can be a significant contributor with people’s ritzy reels constantly on display.”
Money Desires: Generation By Generation
Interestingly enough, different generations felt like they needed different amounts of cash to feel rich. Gen Z folks felt like $428,474 per year was crushing it, while millennials desire $345,785 per year.
Meanwhile, Gen X personnel want $294,705 per year. And baby boomers want $306,505 per year.
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The Amount of Dollarydoos We Want: Year By Year
In 2022, Finder asked 1013 folks the exact same question: “How much do you need to earn per year to be rich?”
Moveover, at the time, The Latch reported on this survey. So, while the sample size has shifted between the two years, it’s interesting to note how Australia’s financial expectations may have changed.
Here’s a little graph on the subject:
|
Generation |
The Amount of Money, Per Year, to Be Rich in 2022 | The Amount of Money, Per Year, to Be Rich in 2023 |
|
Gen Z |
$286,964 | $428,474 |
| Millennials | $329,290 |
$345,785 |
| Gen X | $354,100 |
$294,705 |
| Baby Boomers | $313,031 |
$306,505 |
A Warning
When discussing the 2023 survey, Megginson emphasised that money isn’t everything. There are other components of our lives that also make us happy.
Meggion said, “Remember, true wealth is not just about money. Feeling rich can also be having a sense of satisfaction and contentment in all aspects of your life.”
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