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All wealth is not equal - New data from ABS

Last week the Australian Bureau of Statistics released its annual Survey of Income and Housing for 2017/2018 and it's an interesting read.

This research provides a snapshot of our averages financially over five different sectors called quintiles each representing 20% of the population:

  • Wealthiest Households

  • Wealthier than average

  • Average Assets

  • Less Wealthy

  • Least Wealthy

The article has all the details and some cool info graphics but here's a sneak peak.

Wealthiest Households

- Most likely to have two incomes (53%) and no kids

- Most likely to have money invested in their own business

- This group holds more than 60% of all household wealth

Wealthier than Average

- Most likely to be older couple with mature children

- Almost a third were couples with no kids

- Home is their biggest asset

Average Assets

- Classic young couple with young children

- Mortgages make up 70.4% of their liabilities

- Almost 90% are living in a home they owned or were paying off

Less Wealthy

- Less than half this group own a home

- Cars are often the biggest debt

- House contents make up 11.7% of their household wealth

Least Wealthy

- Most likely to be single parent households (36.7%

- Highest amount of student loan debt

- Less than 1% of all household wealth

Australia is a diverse country and all things are not equal when it comes to assets and wealth but here we help clients in all situations to move into property ownership in the timing that works for them.