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Australia's strong economy is helping to boost satisfaction levels, with almost 90 per cent of all Australians confirming they are satisfied with their lives.
According to AMP's latest Income and Wealth Report, a strong local economy and the natural optimism of Australians has gone a long way to boosting satisfaction levels.
"As a nation we managed our way out of a recession well before our global peers, not only because of good economic management but also because of our optimistic outlook on life that has seen us through the tough times," AMP Financial Services managing director Craig Meller said.
Mr Meller said Australians that had realised the dream of home ownership were, on the whole, a lot happier than non-homeowners.
Some debts like those associated with credit cards and overdue bills can lead to lower levels of happiness but larger debts above $100,000 like mortgages linked to more valuable assets can positively influence happiness.
"Many Australians are realising their dream of owning their own home and enjoying the perks of a relatively affluent lifestyle leading to higher satisfaction levels. However more and more people are working longer hours to support their standard of living," Mr Meller said.
"The report shows being financially better off can lead to greater happiness 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."
