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Want to change your life? This is how much you'll need

Business

It’s the tempting little thought that flashes across our minds every now and then. So how much would it take for the average Australian to change his or her life forever?

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A recent study has found about $760,000 would do it, however, men want more cash than women.

The financial windfall needed to significantly improve a man’s life is $814,000, compared to the $703,000 required by women, National Australia Bank’s Financial Freedom report reveals.

The gap is wider for middle-aged men, who need $1 million compared to just $640,000 for women aged 30-49.

“Middle-aged men usually also have the highest debt to income levels and the highest levels of mortgage debt,” NAB chief economist Alan Oster said.

Oster said there are also big differences depending on where you live, your age and income.

“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,” he said.

Very high income earners need almost $1.5 million, while lower income earners need considerably less, the survey found.

Professionals and those with higher levels of education also need significantly more cash than sales and clerical workers.

Surprisingly, given the cost of raising a family, the amount needed by those with children was very similar than for those without.

And Aussies living in regional cities needed about the same as those in capital cities.

This is despite households in capital cities generally having higher debt levels than those in regional areas.

But city folk still need much more than those living in rural towns and the bush.

Women aged over 50 needed more money to improve their lives than older men, $763,000 compared to $670,000.

This supports findings from the Wealth Sentiment Survey by NAB’s wealth management partner MLC, which showed more women than men fear they won’t have enough money to fund their retirement.

AAP

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