The “Great Australian Dream” has been superseded by the pursuit of the “Great Australian Lifestyle” as a new measure of success underscored by financial security, a new survey finds. MLC’s Real Retirement Report, compiled alongside McCrindle Research, found owning a home remains a common aspiration among younger Australians, but the definition of financial and life success is broadening beyond a single milestone into a more holistic view of financial freedom across a lifetime. The report found Australians’ top life aspirations are now financial independence (54%) and having enough money to retire comfortably (54%), prompted by a “pragmatic response to a changing world.” This shift reflects the impact of sustained housing affordability challenges and rising cost of living on traditional aspirations.
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Ongoing economic uncertainty and cost-of-living pressures are reinforcing the need to balance immediate financial priorities with an intentional plan for the longer term. The long-held aspiration of owning a home remains important but is no longer viewed as the sole marker of achievement. Many Australians are now embracing what the research describes as the “Great Australian Lifestyle”, centred on financial freedom, flexibility and the ability to enjoy life experiences throughout retirement. “Together, these enable Australians to live well today while building towards the Great Australian Lifestyle over time and doing so with the confidence to focus on what they value, from family and relationships to travel, careers and life experiences,” the report reads.
The survey of 2500 Australians also found Gen Z is the generation most optimistic about retirement outcomes. More than one-third believe they will be able to meet their financial needs in retirement, while they expect to retire earlier than any other age cohort, at 63. Across the population, cost-of-living pressures are by far the most cited barrier to achieving financial goals (64%), followed by current income (37%) and debt (20%). Gen Z reported the highest levels of frustration about their financial situation (37%), just ahead of Gen Y (36%), followed by Gen X (32%) and Baby Boomers (19%). This generational divide highlights the differing experiences of economic conditions across age groups.
