RETHINK SUCCESS

Australians’ views of success today

Chapter 1 It’s time to change the definition of success
 FOREWORD
Rethink Success: Australians’ view
of success today

Every day, a NAB banker has a conversation with a

customer about what success looks like to them. These
quiet but important conversations are a small insight for
that banker into the goals of Australians and their families.
We decided to broaden that conversation by delving deeper in to Australians’ perceptions and
attitudes about personal fulfillment and success. Through an extensive quantitative survey, we
asked Australians how they currently define success, how they feel society measures success,
how successful they feel, and what attributes they feel they need to be successful today.

This whitepaper explores the differences and similarities of views across generations: from the
Baby Boomers to Generations X and Y as well as Generation Z, who is emerging as adults in a
new era impacted by technology, global economic instability and social responsibility.

Finally, we questioned the role that money, a traditional marker of success, plays in how
Australians define success today.

Happiness trumps money

The concept of
Our groundbreaking findings are presented in this whitepaper – Rethink Success – and
reveal that in 2016, happiness, relationships and wellbeing trump money when it comes to

success has more

how Australians define personal success.

Money is still central when it comes to Australians’ hopes and goals for the future, but as
a means to achieving a sense of security and giving us access to meaningful experiences,
rather than the accumulation of wealth simply for status. Australians want to feel in control
than evolved, it has
of their money, so they can enjoy life beyond it. shifted dramatically.
When it comes to what we think makes a successful person, Australians today believe
that working hard and being good with people are far more important than traditional
attributes such as social advantage.

The concept of success has more than evolved; it has shifted dramatically. Just as technology
has brought rapid change to the way we live and work, it has also changed how we think
about the pathways to success. Australians feel that success is in their own hands and that
it’s up to them to make it happen, rather than it simply being a matter of luck or as a result
of social advantage.

By exploring and sharing Australians’ perceptions and attitudes to success, we are widening
the conversation about how this country feels about success: where people, happiness,
relationships and experiences matter more than money.

Rethink Success 2
 Chapter 1

IT’S TIME TO CHANGE

THE DEFINITION OF SUCCESS

Australians have reinvented what No money-related or material-related option at no.15 and having a well-paid job ranked at
success means for themselves and made it into the top 7 personal rankings no.18, while some others lingered at the very
their own lives (though feeling financially secure did make bottom: being rich no.22, having savings
it into equal position at no.8, as previously in the bank no.31, owning investment
Success has traditionally been defined by
mentioned). Some of the more ‘traditional’ properties no.30, having an important job
achievement, status and the accumulation
markers of success ranked around the middle with power and status no.35 and buying a
of wealth. The Macquarie Dictionary defines
of the personal list: owning a house ranked luxury car no.36.
success as: “the gaining of wealth, position
or the like”. Interestingly, Rethink Success
Top 7 measures of how Australians personally define success
shows that Australians have reinvented what
success means for themselves and their own
lives. How Australians personally define
success bears little resemblance to how they
Being happy
57%
believe society defines success. Having good family
relationships 40%
The established societal markers of success,
supported by the ‘official’ dictionary
definition – money, power, assets and
Feeling fit and healthy
38%
‘stuff’ – simply don’t matter when it comes
to the personal perceptions of a successful
Being a good person
37%
life in Australia today at an individual level. Having a good
Success in 2016 is all about the personal not marriage 33%
the external, about experience rather than Having good
materialism, and about relationships rather mental health 31%
than the individual.
Being in control
When asked to review a list of 39 factors1 of my life 29%
that could define success for them personally
in their own lives, research participants
10 20 30 40 50 60
ranked happiness, relationships, wellbeing
%
and being a good person well ahead of
anything to do with wealth or status.

Similarly themed options followed very

closely: spending quality time with family
and friends came in at equal no.8 (along
with feeling financially secure), having good
Success in 2016 is all about the personal
friendships and having a purpose in life not the external, about experience rather
(both ranked no.9), having my own family
(ranked no.10) and having a good work/life
than materialism, and about relationships
balance (ranked no.11). rather than the individual.

1
Some factors are courtesy of AustraliaSCAN from Quantum Market Research

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 IT’S TIME TO CHANGE
THE DEFINITION OF SUCCESS

Does generation colour how we Australians believe society still While being happy remained relatively high
define success? measures an individual’s success on society’s list (no.9), the remaining top
by their wealth, status and power 7 factors on the personal list ranked well
Surprisingly, our generation does not affect
below: feeling fit and healthy no.12, having
how we define success. Being happy ranked Respondents were asked to review the
a good marriage no.13, having good family
in the no.1 position across all generations very same list again but to choose the
relationships no.17, being a good person
(as well as gender and various demographic top 7 factors that society sees as the most
no.18, being in control of my life no.19, and
subgroups). There was only slight variation in important measures of success. This time,
having good mental health no.26.
the rest of the top 7 success measures, with Australia’s top 7 included being rich, having
the exception of Generation Z, who ranked career status and power, and material assets. Other factors ranked highly on the personal
some success measures significantly higher list which ranked low on society’s list
Where do the top 7 things on our personal
than other generations – more of that in include: spending quality time with family
list of factors of success rank on the list of
chapter 2. and friends no.8 on the personal list
factors we believe society defines success
but no.28 on society’s list; having good
by? Somewhere between the middle and the
Attitudes towards success and priorities friendships and having a purpose in life both
bottom of the list, which further emphasises
at no.9 on the personal list but at no.25 and
the clear disconnect between what we value
no.24 respectively on society’s list, having
personally and what we believe society
77% Agree: Good relationships with family and
friends is a top priority for me right now. places value on.
a good work/life balance at no.11 on the
personal list but no.21 on society’s list.

Agree: I measure my success more by

Top 7 measures of how Australians believe society defines success

77% how happy I feel in my personal life than

by how much money I have.
Being rich
46%
Agree: I measure my success more by

67% the interesting things I have experienced

[like travel and learning something new]
Owning a house
45%
than by how much money I have.
Having a well paid job
42%
Agree: Having a good work/life

68% balance in my life is a top priority for

me right now.
Important job with
power and status 33%
Financially secure
now and in the future 32%
67% Agree: Free time is more important
than money.
Buying a luxury car
29%
Having savings
in the bank 25%
Our generation does
not affect how we 10 20 30
%
40 50 60

define success.

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 IT’S TIME TO CHANGE
THE DEFINITION OF SUCCESS

We feel successful in some areas When it comes to our goals for Top 10 goals Australians want to accomplish
of our lives but for the most part the future, improving health
Improve my health and fitness
success is still a work in progress and fitness is no.1 and money is
How Australians define personal success is
important as a means to acquiring 51%
meaningful and enriching Build up my savings
clear – but just how successful do they feel
life experiences
in their lives right now? The majority believe 50%
they have achieved some success – 65% feel Overall, Australians rank improving their
Feel more financially secure
they have achieved success in their life so far health and fitness as their no.1 goal for
– but it’s also clear that success is still a work the future. While money and assets don’t 49%
in progress, with 71% feeling they are still figure prominently in how Australians define Be happier
working towards achieving success. success, when it comes to their goals for
the future, they’re still important. So it’s not
45%
How successful have Australians been at Earn more money
surprising then that Rethink Success reveals
achieving the specific things they chose in
that of the top 20 goals for the future, nine 43%
their top 7 personal measures of success?
were either about money explicitly (build up
Almost all believe that they have been Travel overseas
savings, feel more financially secure, earn
successful at being a good person and
having good family relationships, while
more money, buy a house, buy an investment 42%
property, pay off my mortgage, put extra Travel around Australia
fewer think they’ve achieved success in the
money into super) or about experiences
things that contribute to their personal
requiring significant savings (travel overseas, 40%
wellbeing – being happy, fitness, mental
travel around Australia). But it’s not about the Reduce stress and simplify my life
health and being in control of their life.
accumulation of money in itself or for power
and status; it’s about money as a means of
39%
When it comes to feeling successful, Spend more quality time
building a sense of security and money as a
Baby Boomers are leading the way with my family and friends
means of acquiring meaningful and enriching
Generational differences emerge when we life experiences that bring happiness into 38%
explore achieving success, with Baby Boomers people’s lives. Buy a house
clearly feeling more successful. More Baby
Boomers (89%) think they’ve achieved being Generation influences our goals
32%
a good person, particularly more than
Baby Boomers are more focused on
Generation Xs (74%). Boomers were also 10 20 30 40 50 60
improving their health, feeling financially %
way ahead in the marriage stakes – 85% of
secure, travel and spending some time
married Boomers believe they had achieved a
volunteering and giving back to society.
good marriage while only 61% of Generation
Generation Y is more focused than other
Xs believed that they had been successful in
generations on buying an investment
this part of their lives. Boomers were also
property and Generation Z is more focused
ahead when it came to mental health – 74%
on having a job that makes a difference.
believe they have achieved good mental
health as opposed to 62% of all participants.

How successful do Australians feel?

83% Being a
good person 75%
Having
a good
marriage 61% Being happy
58%
Being in
control
of my life
65%
of Australians feel they
Having
Having good Feeling fit have achieved success
82% good family
relationships 62% mental health 59% and healthy
in their life so far.

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THE DEFINITION OF SUCCESS

Buying a house is still at the heart of our Striking a balance between all of the we asked participants to play a game which
sense of financial security different priorities in life can be a challenge involved having to split 11 tokens between
two competing factors. The results reveal that
While owning a house doesn’t make it into No matter what stage of life we’re at, we’re
we find it difficult to definitively prioritise one
the top 7 personal measures of success in often faced with a series of conflicting life
factor over another, particularly when it comes
Australia (ranked no.15), it figures more priorities around how we spend our time and
to living in the now versus preparing for the
prominently (at no.10) on Australians’ list of our money, living in the now and planning for
future, earning more money versus having
goals for the future. the future, as well as our core needs for both
a better work/life balance, our desire for job
security and freedom. Striking a harmonious
This shows that the dream of owning a security versus the freedom that comes with
balance between the many competing
home is still alive in Australia and home having our own business, and spending more
priorities can be a challenge. To get a sense of
ownership continues to sit at the very heart time with friends versus ‘me time.’
how Australians are managing their priorities
of our sense of financial security: 8 in 10
(77%) agree with the statement ‘owning a
Tensions between competing life priorities
home rather than renting is very important
to me’ and 7 in 10 (69%) agree with the Spending on private school Putting money into other
statement ‘owning a home is the best way of education for children 35% 65% things like home or travelling

guaranteeing my financial security’ – though

Generation Z is much less likely to agree.
A high paid job
43% 57% Better work/life balance

Spending on experience now

44% 56% Saving for the future

77%
A high paid job
46% 54% Flexible working hours

Working for a corporate Working for an employer

employer on a high salary 46% 54% that is socially responsible

Saving for a deposit for an

Travelling
49% 51% investment/house
believe owning a home Working for a corporate
Working for a not-for-profit

rather than renting is employer on a high salary 50% 50% organisation that I'm
passionate about

very important. Spending more time with

family and friends 51% 49% More ‘Me’ time for things I
enjoy or I'm passionate about

Feeling passionate
about work 53% 47% How much I earn

Spending more time with More time to exercise and

family and friends 55% 45% improve my wellbeing

Secure job
58% 42% Being your own boss

Spending more time with Spending more time

family and friends 65% 35% volunteering

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 IT’S TIME TO CHANGE
THE DEFINITION OF SUCCESS

We believe that success is in our We believe that the future Conclusion

own hands – and to be really success of Australian society relies
How Australians define success is evolving;
successful in Australia you need to on traditional pillars – along with
it’s about personal fulfilment, wellbeing
work hard, be good with people an emerging focus on equality and
and relationships rather than money and
and have a sense of purpose creating a fair, harmonious society
materialism. Money is still of central concern
How do you become successful in Australia? What makes a successful society? to Australians but more as a means of
You make it happen yourself. Almost Healthcare, access to affordable housing achieving a sense of security and a gateway
everyone (80%) believes that success is in and good infrastructure – the traditional to meaningful experiences. Our attitudes
your own hands; you have to make it happen pillars2 – are considered most important around what makes a successful society are
and 68% feel confident in their ability to to a successful Australia in the future. evolving too – we still value the traditional
create a successful life. Things like education Interestingly, equality and caring for our pillars but we’ve come to value other
and a privileged family background have elderly also made the top 7 list of elements factors such as equality and a harmonious
become less relevant: 80% believe you most important to a successful society. multicultural society.
can be successful no matter how much
In Rethink Success, the prioritisation of social This trend towards putting personal
education you have and 76% believe you can
harmony, support for the disadvantaged and fulfilment and happiness first when it
be successful regardless of how well off your
the environment were also evident – these comes to defining success was even more
family/parents are.
elements sat only one place below the top pronounced amongst the youngest cohort
So if success is up to us, what attributes 7: maintaining a harmonious multicultural of the survey, Generation Z, who, according
do we need to achieve it? According to society, support for disadvantaged people to the data view the world through distinctly
participants, making a success of your life and communities, and prioritising the different eyes. Learn more about what makes
requires a strong work ethic, great people environment and sustainability came in at Generation Z different in Chapter 2 of this
skills, purpose, determination and agility. equal no.8 (at 36% each). whitepaper series.
Of the top 10 attributes working hard came
in at no.1 and being good with people no.2 Generation and gender play a role when
– across all generations, gender and every it comes to what we believe should be
other demographic sub-group the data was priorities for Australia
analysed by including location, employment,
Priorities for Australia as a nation look quite
education and household type.
different across generations. Generation
Interestingly, being willing to fail made the Z’s top 7 list included protecting our
top 7 (ranked no.6), indicating that how we personal freedoms (no.7), while Generation
think about failure has completely changed. X’s top 7 included building strong local
Instead of something to be avoided at all communities (no.7) and Generation Y’s
costs, failure is now considered something included prioritising the environment and
to be embraced and learnt from, a stepping sustainability (no.7). Gender too played a
stone to greater things rather than the end role: men ranked quality free healthcare at
of the journey. Being innovative (no.8), no.1, while women ranked a society that
creative (no.9) and taking risks (no.10) were values equality in first place. Protecting our
also highly valued, coming in just outside personal freedoms also made it into the top
the top 7. 7 for men (no.7).

A high level of education, strong academic

ability and a cautious approach have become
much less relevant in this new picture of
success. Have a university degree ranked at
no.16, while being intelligent in an academic
way ranked at no.14 and being cautious and
Success is evolving; it’s about fulfillment, wellbeing and
not taking risks ranked at no.18. relationships rather than money and materialism.

These factors consistently rate as key issues in the Ipsos Issues Monitor, an ongoing survey of 1000 Australians
2

each month which monitors the social issues that matter to them.

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 IT’S TIME TO CHANGE
THE DEFINITION OF SUCCESS

About the Rethink Success About Ipsos

whitepaper
Ipsos is an independent market research
To explore Australians’ views on success, company controlled and managed by
NAB commissioned global research firm research professionals. Ipsos is a worldwide
Ipsos to research the views of more research group with a strong presence in
than 2,000 Australians aged 16 – 70, all key markets. With Australian offices in
exploring the importance and relevance of Sydney, Melbourne, Perth and Brisbane,
quantitative measures of success such as Ipsos delivers insightful expertise across
wealth, status and home ownership against its research specialisations: marketing,
qualitative factors such as experience, advertising and media, customer loyalty,
personal fulfilment and wellbeing. public affairs research and survey
management. Ipsos Marketing conducted
Methodology and sample: the quantitative research and analysis and
The Ipsos Mind & Mood Report, Australia’s
Design: Quantitative online survey conducted
longest running qualitative social trends
between 27th May to 9th June 2016.
study, carried out additional desk research
Sample: Nationally representative sample of and wrote the whitepaper.
2,019 people aged between 16-70 years.
About NAB
Proportion of each generation in the For more than 150 years, we’ve been
overall sample: helping our customers with their money.
Today, we have more than 35,000 people
Gen Z* (aged 16-21) accounted for 12%
serving 10 million customers at more than
Gen Y (aged 22-35) accounted for 29% 800 locations in Australia, New Zealand
and around the world. We have built our
Gen X (aged 36-49) accounted for 28%
business on understanding our customers
Baby Boomers (aged between 50-70) and supporting them. We aim to take the
accounted for 32% hard work out of banking.

Analysis: Data is weighted to nationally As Australia’s largest business bank, we work

representative proportions by age, gender with small, medium and large businesses
and location. Data was analysed based on to help them start, run and grow. We fund
a range of demographics sub-groups, such some of the most important infrastructure
life stage, generation, gender, location in our communities – including schools,
(including metro vs non-metro), income hospitals and roads. And we do it in a way
and education. that’s responsible, inclusive and innovative.
*For the purposes of this survey we have defined
Generation Z as aged between 16-21 years. Officially the
We know that to be Australia and
youngest of this generation are currently aged 7 years. New Zealand’s most respected bank,
we need to be good with money. And we
need to be just as good with people, too.

©National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
The information in this whitepaper is current at the date of publication but may be subject to change. Every effort has been made to ensure the information in the whitepaper is current,
accurate and reliable. NAB does not warrant or represent that the information in this whitepaper is free from errors or omissions or is suitable for your intended use. NAB recommends that you
seek independent advice before acting on any information in this whitepaper. Subject to any terms implied by law and which cannot be excluded, NAB accepts no responsibility for any loss,
damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in any information in this whitepaper.

Rethink Success 8