Closely monitoring expenses and investing often are the ticket to wealth creation, according to a new report by Finder.
Finder’s Wealth Building Report 2024 has revealed how the rich act with their money as hard working Australians look to boost their wealth.
Finder commissioned a survey of 1,008 Australians who are actively increasing their wealth through investments in various assets.
Astonishingly, 1 in 8 Australians (13%) – roughly 2.8 million people – are millionaires, one of the highest proportions globally, with that figure expected to rise sharply over the next 5 years.
Many of these millionaires have landed in this once-elusive club simply because the value of their homes has grown.
The number of millionaires drops to 1.1 million (5% of Australian adults) when the value of the principal place of residence is removed from net wealth calculations.
Finder’s report reveals investors credited budgeting (38%) and investing frequently (12%) as the top two habits they implemented to accumulate their wealth.
Nearly 1 in 10 (9%) of those who are making money from investments said paying off debt contributed the most to boosting their net wealth.
Aussie investors with more than $1 million in net wealth are much more likely to have at least one passive income source. An impressive 85% of investors with more than $1 million earn interest on their savings compared to just 48% of non-investing Australians.
More than half (58%) of investors expect their net wealth to improve over the next 12 months.
Sarah Megginson, personal finance expert at Finder, said building wealth is a top priority for Australians.
“Money can be such a source of stress and everyday Aussies want to know how higher-earners achieved their financial security.
“A lot of the habits and tactics of the rich are very practical things that can be implemented no matter how much you earn.”
Megginson said comparing yourself to others isn’t always helpful, and it’s more effective to start where you are – even if that means investing just $10 a week.
“Reaching that coveted millionaire status might feel out of reach, but many investors started with nothing.
“Starting with accessible options like ETFs, looking into the tax benefits and suitability of salary sacrificing, or saving an extra amount every week can make a big difference when compounded over years and decades.
“Building wealth is a marathon, not a sprint. The sooner you cross the starting line, the better off you will be later in the race.”
Finder’s Wealth Building Report shows it’s not all smooth sailing on the road to riches.
More than 1 in 5 (21%) investors admitted to suffering an investment loss – which was the most common financial setback.
Interestingly, those investors who experienced an investment loss had a higher median net wealth ($1.1 million) compared to the overall median of $913,000 of all investors.
Megginson said a big part of wealth creation comes down to mindset.
“The research proves when you get knocked down, get back up.”
Finder will host a free online Wealth Building Masterclass on December 3 aimed to put Australians in the driver’s seat of their finances.
Attendees will be guided through the new findings of Finder’s Wealth Report 2024, and uncover how to stop money leaks, achieve investing goals and lay the foundation for financial freedom.
Check out Finder’s Wealth Building Report 2024 here.
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