A focus on strong performance
SuperRatings' Pension of the Year 4 years in a row4
Queenslanders may feel more financially confident about today and the future, showing that taking action on your finances can not only improve your financial wellbeing, but also your general wellbeing.
A new survey1 of QSuper members from Queensland shows improved financial wellbeing, with members feeling more in control of their money and more confident about their financial future.
But while there has been in an improvement in financial wellbeing compared to two years ago, only 53% of those surveyed feel confident managing their own finances and 44% feel in control of their current finances.
The data, which compared results to QSuper’s first benchmarking survey in 2017, reveals more members are taking steps to improve their finances.
It found the most common actions to improve household financial wellbeing include reviewing household transactions (88%), setting household budgets (81%) and speaking to family and friends about finances (78%).
Results show respondents feel a 6% better sense of control over their current finances and 6% increase in confidence about their financial future, combining to produce an improved average financial wellbeing score.
The wellbeing score is calculated by combining responses to questions about how in control Queenslanders feel about their finances and financial future. Scores increased statewide since the 2017 survey with the average score rising to 6.6 out of 10 (+.3).
QSuper CEO Michael Pennisi said the data confirmed that financial and general wellbeing are inextricably linked.
“It’s pleasing to see financial confidence and wellbeing has improved across the state since the first benchmarking survey in 2017, and it’s evident that taking action to improve your finances can positively impact your wellbeing,” Mr Pennisi said.
“At QSuper, we focus our advice services and education programs around informing our members on what they could do today to improve their outcome later on,” he said.
The survey reveals the costs of healthcare and insurance continue to hit hard.
Concerns over retirement and how to fund it also increased during the past two years.
The survey revealed your top five financial concerns in 2019, and how much they’ve risen:
Rising age of retirement (64%, +10%)
Affording healthcare (62%, +12%)
Funding retirement (61%, +12%)
Insurance costs (61%, +9%)
Changes to the age pension rules (56%, +10%)
The survey shows men feel more confident and in control of their finances than women, while both men and women report concerns about retirement.
Almost half of all men (49%) of men surveyed feel in control of their current finances compared to 41% of women.
Also, 43% of men feel confident about their financial future compared to 31% of women.
When it comes to funding retirement, almost two in every three women were concerned. Concerns were also expressed by 55% of men.
The survey found 54% of women were concerned about their superannuation balance, along with 47% of men.
The data also shows an age-divide in confidence about finances for today and tomorrow. Queenslanders aged 55 years and above have the highest levels of confidence in their current and future finances. In contrast, those members aged 35-54 and families with school-aged children are among the most concerned across the state.
Confidence in the ability to fund the future varied across the state’s major population centres, with significant improvements in Townsville and the Sunshine Coast.
Mr Pennisi said the data highlighted the importance of having a plan.
He said the survey also highlighted the desire for more certainty about retirement income.
“The future is better if we prepare for it. Financial planning requires thought and commitment, which may give us security in the future and more peace of mind in the present,” he said.
Take control of your finances with the support of financial advice.
Have the confidence that comes from working with a financial adviser2 to help you reach your financial goals.
Book a consultation
1. Independent online survey of 3,554 QSuper members conducted by Ipsos on behalf of QSuper, August 2019.
2. QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. For Income and Accumulation account members who receive personal financial advice from QInvest, the QSuper Board may pay for some or all the advice fee for advice related to your QSuper benefit. Eligibility conditions 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.