We recently conducted our first ever Spaceship Money Check In, where more than 1,000 Aussies within the Spaceship community told us about how they’re faring financially, what their biggest challenges are, and how they feel about their financial futures.
We’ve compiled key insights from the survey responses into the 2024 Money Check In report, so you can see how you and your peers feel about the big issues.
Just want the headlines? Here are some of our top takeaways.
1. As a community, we’re pretty optimistic
Despite the current economic challenges, more than half of our respondents are optimistic about their financial futures. Our positive outlooks are driven by things like:
- Stable employment.
- Business ownership.
- Feeling financially informed.
- Having a financial plan in place and taking action to achieve our goals.
- You prefer stocks over houses
Investing in stocks is a more popular primary investment vehicle than property — a shift likely influenced by the high cost of living and soaring house prices, making homeownership more challenging for many.
2. The Gender Pay Gap is still very real
Our survey revealed that men are three times more likely than women to earn more than $150,000. Additionally, men are twice as likely to feel 'very optimistic' about their financial futures compared to women.
3. Rural vs. metro dwellers: A tale of two worlds
Metro dwellers are 2.5 times more likely to feel they're financially thriving compared to their rural counterparts. They’re also three times more likely to earn more than $150,000.
4. People aged 18-34 are more hopeful than those aged 35+
People aged 18-34 are more optimistic about their financial futures than those aged 35+. While those aged over 35 generally earn more, their outlook is less positive, with 58% of 18-34 year-olds feeling optimistic or very optimistic about their financial futures, compared to 51% of those over 35.
5. Our top financial concerns
Here are the top three concerns that keep our community up at night:
- Rising cost of living (62%).
- Inability to save/invest enough for the future (59%).
- Interest rates and housing affordability (49%).
Thank you for being part of our Spaceship community. We hope these insights help you feel more connected and informed as we all navigate our financial journeys.
Over the next few weeks, we’ll be releasing content to help address some of the challenges you’ve been facing, in order to help you level up financially.
Until next time. 🚀
