ANZ's 2021 Financial Wellbeing report shows one in three adults report having no financial worries.
That's great news!
And it's good to learn that a far larger group - almost one in two Australians, believe they're 'doing okay' financially.
To be fair, the 'no worries' group have a few factors working in their favour.
Most notably, more than two-fifths are high income earners with annual income topping $100,000.
That may be because many are at the peak of their careers.
ANZ found the vast majority of the no worries group are aged 50-plus, and half no longer have kids living at home. That definitely helps to free up extra cash.
That said, the 'no worries' Aussies take sensible steps to keep their finances in good shape.
They have high levels of savings, they invest in shares or property and they grow their super.
When it comes to money matters, they're more likely to turn to an accountant or financial advisor rather than relying on family and friends.
The bulk of adults however, fall into a different camp, describing themselves as 'doing okay' financially according to the ANZ report.
Despite being more likely to earn less than their no worries peers, this group also ticks plenty of boxes for sensible money management.
People who say they're doing OK are more likely to budget or plan their spending.
One in three have their savings set aside automatically, and they use a 'bucket' approach - holding separate accounts for saving versus spending.
People doing okay are also more likely to own their home, and use ways to pay off their mortgage sooner like making extra repayments or using an offset account.
While we won't all end up being high income earners, ANZ's report suggests sticking with some simple but proven money management steps can let plenty of Australians enjoy a comfortable lifestyle without losing sleep over money matters.
It's a fair bet too, that over time those people who are doing OK today will steadily work their way into the 'no worries' camp as financial pressures like raising kids and paying off a home loan start to ease over time.
... people who do best with money ... spend less than they earn.
When it comes to the battlers, one thing I know is a high income, while it would be nice, is just not an option for many.
And here I have good news. In my experience, people who do best with money have a simple plan to spend less than they earn.
I have had a stack of people contact me over the years, who are on lower or average incomes, and who live very well using this simple strategy.
Let me also say, I have met with plenty of high income earners who are hugely stressed.
Their income is not the problem, their spending is.
The solution for all is it's not what you earn that matters, it is what you spend.
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