What Australians need for financial freedom

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On average, Australians need around a minimum of $760,000 to significantly improve their life forever.

That’s the key finding of a special report from NAB in which the bank asked 2,000 Australians how much money was required to make a life-changing difference to their livelihood.

Clearly, where you live, your age, gender and income levels – among other factors – determine how much you’ll say you need.

The findings of the survey are found in the table below. There’s a vast disparity between responses from Tasmania to the rest of the country – and between people with no children and parents.

“This life changing amount of money ranges from around $850,000 for those living in NSW/ACT to just over $170,000 for people in Tasmania,” said Alan Oster, chief economist at the NAB.

“The range was also great in dollar terms depending on income. Very high income earners, perhaps accustomed to greater spending, require almost $1.5 million, while lower income earners need considerably less. A similar trend was also evident among professionals and those with higher levels of education.”

“More surprising, given the cost of raising a family, the amount needed by those with children was very similar than for those without. Also interesting, Australians in regional cities needed around the same as households in capital cities despite having lower debt levels.”

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