Take a minute and ask yourself: what amount of money would take every ounce of financial burden off my shoulders? Then scale it back to something realistic.

The average Australian says $830,000 is the magic amount that would solve their money problems and provide financial freedom, according to a new NAB survey.

But the result fluctuates wildly depending on where the respondent lives, their salary, age and gender, and little consensus existing on the best way to spend the money.

“Many Australians dream of a major financial windfall to change their lives – but it turns out we don’t need a mega-million dollar jackpot to feel financially free,” NAB chief economist Alan Oster said.

(Source: NAB Financial Freedom Survey 2018)

“For some, being ‘financially free’ means being able to pay off all their debts, for others, it could be no longer having to earn a salary, or it might just be not being stressed about money.”

Those living in capital cities said they’d need $950,000 to be “financially free” – typically meaning they could pay off their debts, save, and help their family – while those living in regional centres responded with $615,000.

NSW residents would need a cool $1 million, while South Australians took over as the state needing the second-biggest cash boost at $809,000.

Victoria was the only state to see a drop in how much its residents need to feel financially free, now sitting at $788,000, down from $864,000 last year, while Tasmanians needed the least to jump for joy at $337,000.

(Source: NAB Financial Freedom Survey 2018)

Australia’s highest income earners said they need almost $1 million to feel free, despite their hefty income, while those in the second-highest income bracket weren’t far behind, with those earning between $75,000 and $100,000 marking $963,000 as their perfect amount.

A chasm appeared between the genders, particularly between younger men and women, with men aged 18-29 saying they’d need $984,000 to feel financially free, up 28 per cent from last year, while women of the same age said they’d need just $474,000, down almost 11 per cent from last year.

When asked how they would use the lump sum if it turned up in their account tomorrow, around a third said they’d pay off their debts, with that figure higher among women, particularly those ages between 30 and 49.

A higher percentage of women than men also said they’d use the funds to help their family, and keep it for emergencies, while men were keener to invest.

Only one in 25 people said they would work less or retire if they were given their “magic figure”.

“Very few Australians, in fact just 1 per cent, would spend it on luxury personal items,” Mr Oster said.

(Source: NAB Financial Freedom Survey 2018)