Australians over 65, who live in Queensland, own a house and pet are the happiest people in the country, according to new NAB insights.

The NAB Wellbeing Index released today reveals Aussies are generally experiencing increased wellbeing and are noticeably less anxious compared to three months ago.

The research also showed:

• Australians living in rural areas have the highest wellbeing, marginally ahead of those in capital and regional cities.
• Queensland claimed the title of the country’s happiest state.
• Savings aspirations among Australians remain very high, with the number of people trying to save rising to 76% overall (73% in Q2), and to 96% among 18 to 29-year-old women.
• Pets continue to be the biggest contributor to a person’s wellbeing.
• Expected wage increases were also among the reasons for the improved wellbeing outlook.

The impact of rising cost of living pressures, however, is still being felt by many, with one in four people saying they are financially worse off now compared to three months ago.

Rising costs were the biggest cause of stress for almost one in two surveyed (48%), followed by health issues (27%), personal financial issues (26%), mental health (26%) and the economy (21%).

NAB Executive Mark Bayliss said pets, relationships, our home and feeling part of our local community all contributed to wellbeing.

“Queensland’s known as the sunshine state. All those rays and the laidback lifestyle might be among the reasons why it’s Australia’s happiest state,” Mr Bayliss said.

“Encouragingly, more Australians have reduced their household debt in the past three months and three quarters of people aspire to save.

“We know this isn’t the case for everyone, with 10% of people surveyed saying they think they will be worse off financially in 12 months.

“It is important that anyone worried about their finances contact their bank as soon as possible. Our research shows, when you talk to our specialist NAB Assist team 90% of customers are back on their feet within 90 days.”

Come on get happy

A snapshot of findings from NAB’s Consumer Wellbeing Survey:

• Pets really are man’s best friend – almost 60% of Australians say pets positively impact their wellbeing.
• Community is key for those living in the big smoke – more than a third of Australians living in capital cities say they benefit from feeling part of their local community.
• Nature’s good for you – more Australians living in regional cities (30%) say the environment contributes to their wellbeing (v 25% in metropolitan areas and 22% in rural areas).
• Ages and stages play a role – personal safety and physical health are key drivers of wellbeing for 18 to 29 year olds, while for those 65+ it’s most commonly about the standard of living and the home they live in.
• Mental health matters – positive mental health benefited an increasing number of Australians (26% v 20% in Q2).

Notes to editors:

The research was conducted by NAB Economics and based on the Consumer Wellbeing Survey responses from 2,050 Australians weighted to the population, conducted in August-September 2022.

NAB customers looking to reach out to NAB Assist can click here or call 1800 701 599.