Average Aussie needs $1.5 million in investments to feel rich
Australians hold lofty expectations when it comes to defining wealth, according to new research by Finder.
A Finder survey of 1,039 respondents reveals the average Aussie believes you need to have more than $1.5 million in investments to be rich.
In reality, the average Aussie investor has $59,714 in shares as of July 2024, according to Finder's poll of 907 investors.
| How much money do you need to have in investments to be wealthy? (asked to all) | How much money do you currently have invested in shares? (only asked to investors*) |
|---|---|
| $1,506,901 | $59,714 |
| Source: Finder survey of 1,039 respondents, July 2024 | Finder survey of 907 investors, May-July 2024 |
Sarah Megginson, personal finance expert at Finder, said Aussies have set the bar pretty high in terms of what constitutes wealth.
"With the cost of living skyrocketing, and the median house price in Sydney now sitting at over $1.6 million, it's not surprising that our standards are so high.
"Remember, only a fraction of the population have anywhere near $1.5 million in investments."
Megginson said investing can be a great way to increase your net wealth.
"You don't need thousands of dollars to get involved. By making small changes to your spending and focusing on your financial goals, you can slowly start to build your investment portfolio.
"Of course it pays to do your due diligence first. Growing your wealth should be a slow and steady process, despite what you might read online."
To help Australians make better financial decisions while investing, Finder has today announced the winners of its Share Trading Platform Awards 2024.
Megginson said the award winners are a smart place to start for those looking for high-quality, feature-packed trading accounts.
"For the fourth year in a row, CMC Invest was awarded best overall share trading platform.
"That's because CMC Invest offers the whole package – along with a top-tier user interface, it has powerful trading and research tools, competitive fee structure and an impressive range of available assets," Megginson said.
CMC Invest was also awarded top gong for best share trading platform for ETFs, best share trading platform for Australian equities, best share trading platform for US stocks, and best low cost share trading platform.
Megginson said for those who are new to investing, Sharesies is one to consider.
"Sharesies was awarded best share trading platform for beginners thanks to its intuitive and user-friendly tools."
If you're looking for an auto-invest feature, Syfe could be for you. Syfe was awarded best share trading platform for auto-investing.
For those who trade often, Interactive Brokers took the top award for both best share trading platform for active traders, and best share trading platform for options trading.
Check out the full list of winners from Finder's Share Trading Platform Awards 2024.