Financial Independence as an Alternative to Work

Abstract

Paid work, in some form, is traditionally viewed as being a necessity, both to support one's livelihood and to save for retirement; however, people's increasing disillusionment with employment has led some individuals to search for alternative ways to live. The twenty-one Australians in this exploratory, qualitative study were all seeking, or had achieved, financial independence. This is a lifestyle alternative that provides economic freedom from work, without necessitating a reduction in preferred living standards. To the best of our knowledge, this is the first social research into the lived experiences, beliefs and meanings surrounding financial independence, and offers significant and critical insights into the usual expectations that surround paid work; in particular, routine expectations that continuing paid work until one's senior years is, and should be, an economic necessity.