Forget dinner with Brad Pitt or a date with Miranda Kerr – most Australians are instead dreaming about kissing financial worries goodbye. According to independent market research commissioned by KeyInvest, financial security was the leading cause of people tossing and turning in their sleep.

KeyInvest Managing Director, Mr Ian Campbell said the research found that money was the single biggest stress for 53% of Australians

“No matter what stage of life or financial goals one may have, it seems that most of us are dreaming of financial freedom,”

Mr Campbell said the national study conducted for KeyInvest by research company Square Holes found that Australians fall into the following four categories:

Strugglers

According to the study, 26% of Australian consumers are supporting children, struggling financially with mortgage repayments, busy and stressed. 54% of this group are aged between 18 and 34, and for 73%, their biggest worry is money.

While their total asset value is an average of $345,799 and 44% have an income between $60,001 and $150,000, this group has heavy debt and heavy expenditure.

Builders

25% of Australian consumers are looking to pay off their mortgage and build their investment portfolios. 51% of ‘builders’ are aged between 35 and 49, 47% have an income between $60,001 and $150,000, and their average total asset value is $539,461. This group may appear to be financially stable, however, 38% are concerned about money and how they can achieve financial freedom in the future.

Worriers

16% of Australian consumers are very worried about their future, with money being the most significant factor. 65% of this group are aged above 50, 49% have an income of less than $60,000 and on average, they have a total asset value of $556,104.

Content

33% of consumers have worked hard all their lives, are financially content, generally have independent children and are now focussing on retirement. 61% of this group are aged above 55, 43% have an income of between $40,001 and $100,000, and their average total asset value is $613,670. However, 34% of this group still worry about money.

Mr Campbell said the study also found an alarming lack of adequate financial planning by respondents.

“By adopting a dedicated savings strategy, Australians can significantly reduce much of the stress and worry around their financial security,”

KeyInvest is one of the largest providers of mortgage broking and commercial finance broking services in Australia with a loan book value in excess of $2 billion. It provides ‘life event’ focussed finance and investment options in three key areas including lending services, investment bonds and retirement living.

Square Holes conducted the study in July and August of 2011. It involved a sample of 1038 people from South Australia, Victoria, New South Wales and Queensland who participated in focus groups, a telephone retiree survey and an online survey.

This newsletter is provided for general information only. Please do not rely on this newsletter as a substitute for specific legal or financial advice. Before making any decisions you should consider your specific objectives, financial situation and needs. To obtain the relevant Product Disclosure Statement or any other offer document from KeyInvest Ltd (ASFL No. 240667) please call 1300 658 904