A focus on strong performance
SuperRatings' Pension of the Year 4 years in a row4
Gold Coast members rate housing and funding their retirement among their top causes of financial stress.
Meeting rent and mortgage repayments is among the top financial concerns for Gold Coast members, a recent QSuper survey1 shows.
The survey, which found members around the state were dealing with an array of financial issues, revealed 59% found managing their finances stressful.
The survey aimed to find out which financial pressures were top of mind for members, as financial wellbeing throughout a person’s life has been identified by QSuper as a key contributor to members’ outcomes in retirement.
While funding retirement was the top cause of financial stress for Gold Coast members, the costs of housing were not far behind.
The survey showed that overall, members’ feeling of financial wellbeing could be improved, with only a quarter feeling both in control of their current financial situation and confident in their financial future.
While the exact causes of stress were different depending on age, the key concerns that were having the greatest impact on members sense of financial wellbeing were consistent: funding retirement, personal debt, the day-to-day cost of living, and mortgage or rent repayments.
Significantly, 16% of members surveyed who were aged 18-34 listed high house prices as their top financial concern, followed closely by mortgage/rent repayments (11%). In the 35-54 age bracket, mortgage/rent repayments was the second biggest concern behind funding retirement.
The survey of QSuper members came as a housing report was also released identifying which areas of the Gold Coast were experiencing rental stress.
The debut Rental Vulnerability Index2 commissioned by Tenants Queensland, which looked at which suburbs across the State were most affected by rental stress, identified several Gold Coast suburbs experiencing rental vulnerability.
Ranging from the Hinterland to beachfront suburbs, the study noted that any suburb where the index was higher than 0.5 indicated residents were struggling to pay rent for various reasons including high rental property prices, unemployment or tenants aged 65 years or older.
The top Gold Coast suburbs where the report found rental stress was most felt included:
More than 38,000 QSuper members live on the Gold Coast, representing 7% of the Fund’s member base.
The QSuper survey found almost half (47%) of members were interested or very interested in accessing support for financial wellbeing.
QSuper members have access to financial advisers for tailored advice to help get all your money working harder for you.3
1 Survey of 4,564 QSuper members conducted on behalf of QSuper by Colmar Brunton. Conducted 6-27 June 2017.
2 Queensland Rental Vulnerability Report commissioned by Tenants Queensland. Created by the City Futures Research Centre and the University of New South Wales. Released May 2017. https://cityfutures.be.unsw.edu.au/research/projects/queensland-rental-vulnerability-index/
3 Advice fees may apply. Refer to the Financial Services Guide for more information.
10 simple saving measures to support your financial health.
Eligible first home buyers will have access to up to $50,000 from 1 July 2022.
How to tackle your tax-time paperwork.
8 ways to avoid a 2022 debt hangover.