Finances today are a source of stress and concern for many Australians. However, it’s refreshing to see that most are taking their economic challenges in stride and opting for future-proofing over small luxuries.
New research from Noble Oak Life Insurance indicates that three in four Australians feel more confident in managing their finances. Navigating a cost-of-living crisis is a tricky task; however, we’re all feeling more on top of our saving and spending habits.
NobleOak Director & Chief Executive Officer, Anthony Brown, explains that “While the majority of Australians feel more financially confident, affordability remains a concern.”
The Noble Oak Pulse Report indicates that individuals are prioritising spending on essentials, thereby setting boundaries on what they now consider necessary expenses. Aussies are currently forgoing what may be regarded as essential purchases, such as gym memberships, mobile phones, or even more decadent grocery shops.
Instead, they’re prioritising their finances to pay for life insurance.
According to this year’s research, more Aussies are choosing to take out or maintain coverage of their life insurance. In times of financial stress, we’re reaching for safety nets for our loved ones’ health and happiness over everyday luxuries.
It’s both a heart-warming concept and a challenging task to pull off (especially when EVOO or Messina ice cream is involved), and yet Australians are feeling happier because of it.
Financial responsibility can mean a happier lifestyle
Australians are showing higher rates of happiness than ever. The Noble Oak Pulse Report has reported we’re in our ‘happy era’, with 75% of survey respondents rating their happiness at a 7/10.
More than one in five (around 22%) rated their happiness at a 9 or 10/10. Happiness levels now surpass those of pre-COVID times. So, where is all of this happiness coming from?
Noble Life explains that happiness is directly correlated with physical well-being. Survey respondents who provided a perceived health score of 4/5 or 5/5 were significantly happier (7.7 out of 10).
Overall, health takes centre stage in determining how happy the average Australian is. This includes not only physical health, but also financial health. Outright homeowners are considered to be happier than those with a mortgage or renters, and the unemployed respondents measured on the lower end of the happiness scale.
Vulnerable groups are still worried about finances
Of course, there is still a significant difference between financially secure and financially concerned Australians. While overall trends indicate financial confidence and a higher level of happiness, there are still many vulnerable groups that are concerned about their financial situation.
Women reported lower financial confidence (28% for men and 20% for women), while professionals in the medical and education sectors felt more financially insecure (37% and 23%, respectively).
Brown acknowledges that affordability remains a significant concern for many individuals, particularly when it comes to essential expenses such as life insurance. “This is why providing accessible and flexible life insurance products is so important,” he says.
Why life insurance is at the top of the priority list
Financial worries are something that has kept most Aussies up at night at some point in their lives. With rising costs still on the ascent and economic uncertainty at an all-time high, it’s a comforting thought that your loved ones have security and stability in the future.
As the research shows, our choice to sacrifice a new mobile phone to prioritise life insurance can lead to a happier, healthier lifestyle.
So, what do you consider an essential expense? For many Australians, providing for their loved ones seems vital.
Head to nobleoak.com.au for more information on their life insurance policies.
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