What do people value in life? To answer this age-old question, Pew Research Center (PRC) surveyed 19,000 adults across 17 advanced economies, including New Zealand and Australia.
Respondents were asked an open-ended question about the meaning of life, and based on their answers, PRC was able to rank 17 different topics. Interestingly, we share the same top five sources of life’s meaning with our neighbours across the Tasman, including:
#1 Family
Family was the number-one source of life’s meaning in 14 of 17 countries – all except for South Korea (where family ranked third), Taiwan (third), and Spain (fourth). On average, 38 per cent of people across every public surveyed mentioned family when discussing what gives them meaning, particularly in Australia (56 per cent), New Zealand (55 per cent), Greece (54 per cent) and the US (49 per cent).
This comes as little surprise: as insurance advisers, we know just how important an asset family can be. So, if you’re looking for ways to protect your loved ones’ financial future – get in touch. We can help you understand your options.
#2 Career
The second most important source of meaning in 7 out of 17 countries, including Australia and New Zealand, was people’s work, career or profession.
Many respondents pointed out that working gives them a sense of personal growth and accomplishment, especially when work-life balance is maintained. And in addition to providing a social context and forming a key part of a person’s identity, work is also a source of income – which is one of the most important financial assets that people have in their life.
On this note, if your loved ones are relying on your income for things like mortgage repayments and ongoing living costs, it may be a good idea to look at ways to protect their future. Income protection insurance, for example, can replace a percentage of your salary if you’re unable to work due to a serious illness or injury.
#3 Friends
Friends, community and relationships ranked third in New Zealand and Australia. Australians are the most likely to bring up ties to friends and community (28 per cent), followed by the Dutch and New Zealanders (25 per cent). It is this sense of connection with others that keeps us all together, especially in times of difficulty.
#4 Material Well-being
When describing their sense of meaning and fulfilment in life, many people in New Zealand and Australia mentioned their material well-being, stability, or quality of life. Respondents often expressed appreciation for their ability to live comfortably and afford necessities.
Once again, if your lifestyle is on your mind and you’re looking for ways to protect it financially from the unexpected, keep us in mind. We can talk through your options in detail.
#5 Society
Lastly, society was the fifth most mentioned source of life’s meaning for Australians and New Zealanders. Some people brought up the area where they live or their broader society and public institutions – including their country’s social services, culture and healthcare system, or the opportunities available.
What matters most to you?
You may agree with these sources of meaning, or you may have others to include. Once you know what’s important to you, a good next step is to look for ways to protect it – and as insurance advisers, we can help you do just that. Get in touch if you’d like to discuss your needs.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
