Twice as many men as women believe they’ll be wealthy someday

Source: agadir-group.com

A survey commissioned by crypto platform Dacxi found only 27% of Australians believe they’ll ever meet their own definition of wealth.

In a survey of 1,030 Australians, Dacxi revealed men are almost twice as likely as women to believe that they’ll ever be wealthy in their lifetimes.

While one in two adults expect to receive a pay rise in the next 12 months, only 44% of women do.

Rising interest rates, cost of living pressures, housing affordability, and inflation were the leading causes for the respondents pessimism towards wealth, especially women.

Men are also more likely to take more risks with their asset choices.

Of the respondents, 38% of men invest in the Australian share market compared to 28% of women.

Similarly, 15% of men invest in cryptocurrency while only 10% of women do.

“The best performing assets of the last decade have been the more volatile ones, like cryptocurrency and shares,” Dacxi CEO Ian Lowe said.

“With Australian men more likely to choose these assets over women, we can explain a lot of the gap in confidence to become wealthy between men and women in their asset choices.”

Perception of wealth differs among Aussies

According to the survey, Aussies believe there are three different ways to define “wealth.”

  • Two-in-five Australians interpret wealth as earning over $ 150,000 per year after tax
  • More than one-in-three define wealthy as having a net worth over $ 1 million
  • Nearly a quarter interprets wealth as owning a home outright

Twenty-four per cent of Australians believe inheritance and family wealth is the best way to grow their own wealth while having high performing investment strategies followed by 23%.

On the other side of the coin, only 5% of the respondents believe a financial planner is the best indicator of ability to grow personal wealth.

“It would be unfair to say Australians have given up entirely on being wealthy, but many are having to readjust expectations for what their retirements might look like based on how previous generations have lived past the age of 65,” Mr Lowe said.

“What’s clear is that the impact of generational wealth is becoming more stark.

“Australians who aren’t waiting for an inheritance and who aren’t already in the property market don’t have a lot of hope of attaining wealth in their lifetime.”

Superannuation plays a part in the perception of wealth

Amongst the Australians who have a superannuation fund, 68% are happy with the funds available in their account while 20% are very happy.

The survey found that 86% of Aussies who are happy with their super’s performance are more likely to believe they will be wealthy in their lifetime compared to 58% who do not believe so.

Read the full article: https://agadir-group.com/twice-as-many-men-as-women-believe-theyll-be-wealthy-someday/

--

--

--

Dacxi is a fintech company pioneering crowd finance, with a mission to change the lives of everyone with new wealth opportunities. Welcome! https://dacxi.com

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Options Strategies: Art of the Credit Spread 🎨

7 Powerful Tips: Successful Stock Tradings To Multiply Your Income

The Hard Truth About Active Fund Management

How a simple jar of pasta sauce sparked a revolution

How can I get good motorcycle financing with bad credit?

Principles of Assets & Liabilities

Faces of Finance: Jodie Hampshire from Russell Investments

Best ISA account provider

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Dacxi

Dacxi

Dacxi is a fintech company pioneering crowd finance, with a mission to change the lives of everyone with new wealth opportunities. Welcome! https://dacxi.com

More from Medium

We are the Messengers

Who Gets to Bring Back the Gold?

Click Bait and Fake News! Why is it such a BIG Deal?…

Non-Fungible Voters