News Corp has teamed up with QSuper to bring you some state-wide insights into which generation is the most financially fit.
QUEENSLAND's Baby Boomers are more financially fit than younger generations, new data reveals.
One of Australia's largest superannuation funds, QSuper developed the Wealth iQ mobile check to improve self-awareness around money matters, and encourage people to assess their financial wellbeing.
To date, more than 3000 residents across the state have undertaken the check, answering questions about everyday finances, managing loans and debt, and retirement planning and insurance.
At the end of the 90-second check, respondents could find out how they compared to others their age.
The results showed the 50-year-old-plus Baby Boomers were in top shape financially and Generation Y respondents aged 35 and under, felt they were in pretty good financial form, too.
Those in the mortgage and school fees belt were more financially challenged but that improved after the half-century mark.
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 benefiting from strong property price growth over the years," Mr Murray said.
"Interestingly, there is a marked dip in financial fitness at around 40-years of age with significant improvement from age 50 onwards."
The link between age and financial fitness was evident in data collected from various towns and cities across Queensland with Hervey Bay residents, on average, among the fittest in the state.
Australian Bureau of Statistics' census data showed the Fraser Coast community also had one of the highest average ages in the state at 48-years - well above the Queensland average of 37.
Hervey Bay's average Wealth iQ score of 78.7 per cent saw it finish ahead of Brisbane on 77.1 per cent and the state average of 76.2 per cent. The average age of Brisbane residents is 35 years.
Toowoomba residents were also ahead of the state average on 76.5 per cent, followed by Townsville, slightly below on 76 per cent.
Those with a bit more work to do to get their finances into shape, were Rockhampton residents with an average score of 73.2 per cent and Ipswich residents, on 73.5 per cent.
The average age of residents in Rockhampton and Ipswich is 36 and 37 respectively - placing them deep in the mortgage and school fees belt.
Other cities batting just below the state average in terms of financial fitness, were Mackay on 74.4 per cent, Maryborough and the Sunshine Coast both on 74.7 per cent, Bundaberg on 74.8 per cent, the Gold Coast on 75.3 per cent and Cairns on 75.6 per cent.
Mr Murray said many of the Wealth iQ Checks 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 Opening Ceremony on April 4.
As children tested their fitness at 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 check, as opposed to 38 per cent of men.
Despite the gender imbalance, men proved to be the more financially fit sex scoring 78.6 per cent compared with 74.8 per cent for women.
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.
Non-identified data sourced from 3000 people completing the Wealth iQ mobile check between March 1 and April 4, 2018.
To discover your financial fitness, take QSuper's Wealth iQ mobile check.