What is your priority - health or wealth?
Well, Aussies are putting their bank account ahead of their health and friendships, according to new research by Finder.
The survey with 1,102 respondents revealed 2 in 5 (43%) have sacrificed something for more wealth and success.
| What have you sacrificed for a higher income/career success? | |
| Sleep | 22% |
| Travelling/holidays | 21% |
| Missed nights out with friends | 21% |
| Health (mental and physical) | 17% |
| Missed friends and family milestones (birthdays, weddings) | 14% |
| Friendships | 12% |
| Romantic relationships | 9% |
| Other | 1% |
| I have had a high income or career success but I have not had to sacrifice anything for it | 20% |
| I have not had a high income or career success | 37% |
| Source: Finder survey of 1,102 respondents, May 2024 | |
That’s an estimated 9 million Australians who have gone without everything from romance to a holiday in the name of financial growth.
Almost 1 in 4 (22%) have gone without sleep in their quest for success, while 1 in 5 (21%) have omitted travel and holidays.
Mental and physical health have been sidelined by 17% of Aussies, while 12% admit they’ve put friendships on the backburner for the sake of success.
A further 9% have parked a romantic relationship in order to get ahead.
Sarah Megginson, personal finance expert at Finder, said the road to riches can be a bumpy one.
She said:
“Growth in one aspect of your life can come at the expense of another.
Sacrificing is never fun, but much like compound interest on your savings account, small but consistent habits can pay off in the long run.”
The survey also highlighted that nearly half (48%) of women reported sacrificing something to grow their wealth, compared to 40% of men.
Gen Z (62%) and Gen Y (53%) were the most likely of all generations to sacrifice something for higher income or career success, compared to Gen X (38%) and Baby Boomers (22%).
Megginson said Aussies are focusing on supercharging their earning potential as cost of living pressures have increased.
She further commented:
“Being dedicated to building a business or climbing the corporate ladder doesn’t always allow a lot of time for much else.
Sometimes you have to make decisions about what short-term pleasures and comforts you can sacrifice for long-term happiness.”
But Megginson said achieving financial success doesn’t always need to come at the expense of your well-being.
She explained:
“It’s important to remember that money doesn’t buy happiness, and things like sleep deprivation and loneliness can impact your health and lead to bigger problems down the line.
An unexpected illness or injury could quickly derail your plans.
Income protection can ensure your financial security even if you can't work, giving you peace of mind to focus on recovery.
If your money goals aren't aligned with your values, you’re likely to feel disconnected and unfulfilled.”
Top tips to boost your cash flow
Turn a hobby into a side hustle. If you have a creative passion like photography, writing, or making crafts, don't let it sit on the sidelines! Explore platforms online to sell your creations directly to consumers.
Take on a side gig. The beauty of the gig economy is its flexibility. There are tons of part-time options to fit your schedule and interests. If you have a car, consider rideshare driving or if you have a love for animals offer pet sitting or dog walking services.
Sell unused items. Decluttering your home can put extra cash in your pocket. Sort through your belongings and identify clothes, furniture, or electronics you no longer use or need. Sell them online on platforms like Facebook Marketplace or eBay.
Rent out a spare room or your property. If you have a spare room or a vacation home that sits unused, consider renting it out on platforms like Airbnb. This can be a great way to generate passive income.
