BOOMERS TOP THE FIT LIST
New QSuper data reveals Townsville Baby Boomers are the most financially fit, Robyn Ironside reports
TOWNSVILLE Baby Boomers are some of the financially fittest in Queensland, according to a statewide mobile check.
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, 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 in Townsville.
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.”
In Townsville, where the average age of residents is 36 years, the average Wealth iQ mobile check score was 76 per cent overall, just shy of the statewide score of 76.2 per cent. The average score of Townsville Baby Boomers, though, was nudging 80 per cent.
Townsville men were on average feeling much financially fitter than local women, scoring 79.9 per cent versus 73.8 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
QUEENSLANDERS HAVE SHOWN THEY’RE IN PRETTY GOOD SHAPE FINANCIALLY
JASON MURRAY
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 Gold Coast for 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.