Queenslanders lack confidence in financial future
The rising age of retirement, being able to fund it and increasing healthcare costs top the financial concerns of Queenslanders, a survey from Queensland superannuation fund QSuper has shown.
The biennial survey showed a rise in retirement funding concerns but also highlighted financial wellbeing across the state.
The top five financial concerns for Queenslanders were rising age of retirement (at 65%; with a 10% increase), affording healthcare (62%; +12%), funding retirement (61%; 12%), insurance costs (61%, +9%, and change to pension rules (56%; +10%).
Women were more concerned than men when it came to funding their retirement (64% to 55%), with 54% of women concerned about their super balance compared to 47% of men.
But financial wellbeing scores increased in the state since the last survey with the average score increasing by 0.3 points, to 6.6 out of 10.
Improvement in financial wellbeing was driven by improved sense of control over current finances (+6%) and increased confidence about the financial future (+6%).
Of the Queenslanders surveyed, 53% said they felt confident managing their finances and 44% felt in control of their current finances, but only a third felt certain about the future.
The survey showed more people were taking steps to improve their finances with the most common being reviewing household debt (88%), setting budgets (81%) and speaking to friends and family about finances (78%).
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