BOOMERS TOP THE FIT LIST

PHYSICAL fitness might be easier to maintain when you’re younger, but a new Queensland-wide mobile check has found Baby Boomers have the edge when it comes to financial fitness.

One of Australia’s largest superannuation funds, QSuper, developed the Wealth iQ mobile check to help people better understand their financial wellbeing and improve self-awareness around money matters.

To date, more than 3000 residents across the state have undertaken the check, answering questions about everyday finances, managing loans and debt, and retirement planning and insurance.

At the end of the 90-second check, respondents could find out how they compared against others their age.

The results showed the 50-yearold-plus Baby Boomers were in top shape financially across the state, including on the Gold Coast.

Generation Y respondents aged 35 and under, were also feeling financially fitter than those in the mortgage and school fees belt, typically aged between 36 and 50.

QSuper’s Chief of Member Experience, Jason Murray said it was no surprise Baby Boomers were enjoying such good financial health.

“This could be from several factors, such as being at the peak of their earning capacity and benefitting from strong property price growth over the years,” Mr Murray said.

“There is a marked dip in financial fitness at around 40 years of age with significant improvement from age 50 onwards.”

On the Gold Coast, where the average age of residents is 38 years, the average Wealth iQ mobile check score was 75.3 per cent.

That was below the state average of 76.2 per cent, but ahead of the Sunshine Coast on 74.7 per cent.

Gold Coast men were on average feeling financially fitter than local women, scoring 77.8 per cent versus 73.7 per cent.

A separate national independent survey conducted on behalf of QSuper earlier this year highlighted the importance of taking an interest in financial wellbeing, with almost one in three of the survey respondents stating they did not feel on track to meet their financial goals. This feeling was significantly higher among Gen X.

Day-to-day expenses, affording healthcare, mortgage/rent payments, high house prices and funding retirement were top financial concerns.

In terms of the Wealth iQ mobile checks, Mr Murray said many of these were undertaken during community events held in towns and cities across the state as part of the Gold Coast 2018 Commonwealth Games Queen’s Baton Relay.

QSuper was the proud Official Supporter for the relay which saw the Queen’s Baton carried through more than 80 Queensland communities on its way to the Opening Ceremony on April 4.

As children tested their fitness in QSuper’s ‘Super Games’ with activities like giant Jenga, Connect Four and mini golf, the adults had the chance to test their financial fitness using the Wealth iQ mobile check.

Women showed more enthusiasm than men for gauging their financial wellbeing, with 62 per cent undertaking the Wealth iQ mobile check, as opposed to 38 per cent of men.

Mr Murray said the strong take-up of the QSuper Wealth iQ mobile check demonstrated an appetite among Queenslanders to better understand their financial wellbeing and learn ways to improve it.

“Overall Queenslanders have shown they’re in pretty good shape financially,” he said.

“But there’s always room for improvement – whether it’s in their everyday finances, managing their debt and loans, planning for retirement, or by taking a closer look at their existing insurance and protection.”

Once the Wealth iQ mobile check is completed, users can opt to receive a series of financial coaching emails designed to help them start improving their financial fitness.

After four weeks of coaching, users can then retake the check to see if they have improved.

Since its establishment more than a century ago, QSuper has grown to manage over $70 billion in retirement savings of more than 565,000 members. QUEENSLAND’S women are showing keen interest in their financial situation, but their financial fitness results might be leaving them feeling flat.

Data gathered by one of Australia’s largest superannuation funds, QSuper, showed men felt financially fitter than women, scoring an average of 78.6 per cent on their Wealth iQ mobile check as opposed to 74.8 per cent.

Women aged 40 to 49 were the least confident about their financial position, scoring an average 73.1 per cent, followed by those aged 30 to 39 with an average score of 74 per cent.

Independent financial commentator and educator Nicole PedersenMcKinnon said the results were not surprising.

“I would say this is squarely a result of not being prepared for the longer term future, and women having lower superannuation balances because of career breaks to care not just for children but increasingly parents as well,” Ms Pedersen-McKinnon said.

“Don’t forget that women, according to Association of Superannuation Funds of Australia, are still retiring with about 60 per cent of the superannuation funds of men. That’s an average balance of $157,050 versus $270,710 for men.” She said on top of that women earned an average 16 per cent less than men, across all industries.

She suggested salary sacrifice as a savings strategy that can be tax effective, and that women could potentially aim to put an additional one or two per cent of their earnings into superannuation via salary sacrifice.

Other measures recommended for women, were an annual superannuation “top up” of $1000 in order to potentially earn an up to $500 cocontribution from the federal government, as well as a search of “lost super”.