You’re living the dream? What is holding you back

The study, commissioned by the Financial Planning Association of Australia (FPA), revealed that two out of every five respondents were not where they wanted to be in life, and 48% were held back by lack of money. This was an advance to time constraints (28%) and debt (26 percent).

Bad decisions (18 percent), the wrong choice of career (15 percent) and the lack of planning for the future (14 per cent) were the main factors.

ADDICTED: to have in my portfolio, not just my phone

The McCrindle Research survey 2635 of working age Australians revealed a better lifestyle and financial independence, were ideal for people.

The 23 percent who believed themselves to be living their dreams, they were largely free of financial stress, ” said FPA CEO of Dante De Gori.

“(They) have the lowest levels of financial stress of all Australians,” Mr Gori said. “More than one out of every three is not stressed about finances, compared with 11 percent of those who do not live the dream.

Michael Towell and her daughter Molly have a sense of financial stress. Picture: Richard Dobson

“By identifying our life goals, hopes, and dreams, and the implementation of a financial plan … we can reduce the stress and work to make our dreams a reality.”

Meanwhile, the achievement of her dream may not be getting in the clear, with 80 per cent of all respondents experiencing stress financial independence. Many had financial regrets; if a bad decision or simply not saving enough.

Michael Towell and her daughter Molly are no strangers to the financial tensions.

Michael made a poor decision for a number of years and ended up behind the Eight ball.

“I made the decision to change my career and it did not work,” Mr Towell said. “I thought the grass was greener, but it turned out to be earth brown.

“I’ve had some bad advice at the time and lost a lot of money.”

Mr Towell made financial sacrifices to get back on their feet, while Molly worked part time jobs throughout the school.

PROSECUTOR: what you can claim without receipts

“There were nights without sleeping, and I thought I was going to lose the house in a moment,” Mr Towell said. “But in the end I got through it and went back to what I know, which is plumbing.”

Mr Towell is back to running his plumbing business, while Molly is the study of the teaching.

“If I do not go, I would never have known, but I would not like to go through the stress and the pressure of new,” Mr Towell said. “Whatever you do, do not listen to the advice of a person. Go and get a second opinion … and a third and a fourth.”

Originally published as the Financial stress, ruining Aussie dream