ASX shares and inheritances: Survey reveals how Aussies plan to get rich

Money rains down on a grey city pavement while business people scramble to pick it up.Money rains down on a grey city pavement while business people scramble to pick it up.

Men are more likely to invest in ASX shares than women.

That’s according to a new YouGov survey commissioned by crypto wealth platform Dacxi.

The survey also found that men are almost twice as likely to believe they’ll be rich in their lifetime.

So, what does it mean to be rich?

Some 40% of survey respondents said you needed to earn more than $150,000 a year, after taxes, to be wealthy. Another 36% said you needed a net worth of more than $1 million to qualify. And 23% said you counted as wealthy if you owned your home outright.

Here’s how they plan to get rich.

Inheritances and investment strategies

A total of 24% of participating Australians said the best path towards riches was via family wealth and inheritances.

Having a high-performing investment strategy came in a tight second, with 23% saying this was the best way to become wealthy.

With ASX shares historically offering strong returns over the long-term – the All Ordinaries Index (ASX: XAO) is up 24% over the past five years, without including dividends – we’d have to throw our two cents in with the benefits of having a sound investment strategy.

Interestingly, only 5% said they thought having a financial planner was the best way to grow their wealth.

Asked what they’d do with $10,000 if they had to hold it passively for the next 10 years, 33% of respondents said they’d invest it in ASX shares.

Men ‘more likely’ to invest in ASX shares than women

Men, if we might generalise, tend to take more risks than women.

With that larger risk appetite in mind, 38% of men said they were likely to invest in ASX shares, compared to 28% of women respondents.

A similar pattern emerged in cryptos, with 15% of men saying they’d invest in cryptos like Bitcoin (CRYPTO: BTC) compared to 10% of women.

Commenting on the findings, Dacxi CEO Ian Lowe said:

The best performing assets of the last decade have been the more volatile ones, like cryptocurrency and stocks/shares. With Australian men more likely to choose these assets over women, we can explain a lot of the gap in confidence to become wealthy between men and women in their asset choices…

Ultimately, the big advantage younger generations have is that they can purchase digital or tokenised versions of physical assets like gold and silver as easily as they can a cryptocurrency. Over the long term (multiple decades), diversified portfolios fair best, and it’s never been cheaper or easier to buy and manage one yourself.

The post ASX shares and inheritances: Survey reveals how Aussies plan to get rich appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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