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They say money can’t buy happiness, but it would appear that buying a home can in fact make us happier.
According to the latest AMP.NATSEM Income and Wealth Report, Australians who have realised their dream of owning their own home are, on the whole, happier than others.
The report, which explores life satisfaction trends across the world, found home owners reported a higher level of satisfaction than non-home owners.
Non-home owners, for example, reported a satisfaction of 7.7 out of ten while those with homes worth more than $500,000 had satisfaction levels of more than eight out of ten.
Furthermore, according to the report, although debts like those associated with credit cards and overdue bills can lead to lower levels of happiness, large debts linked to valuable assets, such as a mortgage, can positively influence happiness.
“The report shows being financially better off can lead to greater happiness,” said AMP Financial Services managing director Craig Meller today.
“But wealth alone does not determine happiness. Managing finances wisely – by paying off smaller debts, investing in a home and putting money in the bank or saving through superannuation – can help improve satisfaction at any stage.”