The Suncorp Financial Wellbeing Study has found that taboo culture and false perceptions surrounding the topic of money in Australia are preventing financial well-being and impeding people from pursuing goals that require financial backing.
The Australia-wide Suncorp study was conducted in partnership with behavioural psychologists, and found that false perceptions, emotions and social influences interfere with Australians taking control of their finances.
Key findings include:
- More than half the population has given up on a dream because of money
- 65 per cent of people surveyed feel pressured to do well financially
- Over 25 per cent find talking about money difficult for fear of judgement and embarrassment
- Over 25 per cent have given up dreams of overseas travel
- Almost 10 per cent have given up study or education
- Nearly 10 per cent have given up pursuit of early retirement
Patrycja Slawuta, social psychologist and founder of behavioural change agency SelfHackathon said, ‘The more people talk about money, the more motivated they are to learn about and improve their financial situation. More precisely, those who never talk about money are less open to learning about money and improving their situation.’
The Suncorp Financial Wellbeing Study surveyed more than 3,200 Australians.