Sunshine Coast residents feeling cost-of-living pressures have been urged by a leading economist to seek financial advice.
Australian Retirement Trust chief economist Brian Parker met local financial advisers at The Lakehouse in Brightwater on Wednesday “to discuss what’s happening in the global economy”.
He said locals struggling to make ends meet should ask for help.
“There’s no doubt some of those cost-of-living pressures like housing and food cost increases are being felt in particular on the Sunshine Coast, which is why I’m encouraging locals now more than ever to think about their financial future,” he said.
A survey commissioned by the Australian Retirement Trust, and run by YouGov, found that 85 per cent of people were worried about the impact of recent economic events on their household budget, while nearly half (48 per cent) were feeling financial stress at least once a week.
And while 70 per cent of all participants believed financial advice could improve their financial wellbeing, only 32 per cent currently accessed financial advice in some capacity.
Among respondents who had never sought financial advice, 96 per cent said there were barriers. Fifty-seven per cent thought advice was too expensive.
But Mr Parker said many Sunshine Coast residents could be unaware that some financial advice is available as part of their superannuation membership.
“A good starting point is getting in touch with your superannuation fund,” he said.
“Our value of advice report found that those who receive financial advice feel more confident about making financial decisions, have greater peace of mind and are more likely to have a retirement plan.”
Meanwhile, a leading superannuation consultant has revealed the Sunshine Coast suburbs where their members have saved the most.
According to Brighter Super data, the fund’s members in the hinterland area including Maleny, Witta and Conondale had an average super balance of about $305,200.
Noosaville ($272,800), Bribie Island area ($271,600), Eudlo and Ilkley ($263,600) and Maroochydore, Cotton Tree and Kuluin ($256,600) followed.
Brighter Super CEO Kate Farrar said local members were increasingly interested in how their superannuation was being invested for a consistent long-term return.
Brighter Super has about $1.99m invested in Sunshine Coast infrastructure and property, including Sunshine Coast Airport and Sunshine Plaza.
“Local Sunshine Coast residents should be proud of their own performance in consistently building a retirement nest egg for the future,” she said.
Brighter Super said Sunshine Coast members had more than 50 per cent more in their superannuation than the average Australian. They said the average balance of the fund’s more than 8712 account holders in the region was about $221,353, which is higher than the average Australian’s $145,388 superannuation balance.
Brighter Super hosted a fund and investment update, and a free Get Set for Retirement seminar, at the Maroochy Surf Club on Tuesday, to provide powerful tips for making the most of your super.
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