Living in regional Victoria offers many advantages — affordable property, a strong sense of community, and a more relaxed lifestyle. But when it comes to managing money, investing, and preparing for retirement, regional Australians often face unique challenges.
After years of working with clients across Bendigo, Shepparton, Echuca and beyond, these are the most common financial mistakes we see — and the simple steps to avoid them.
1. Leaving Too Much in the Bank
It’s natural to want to keep money safe, but many regional Victorians hold large sums in bank accounts or term deposits where the returns don’t keep pace with inflation. Over time, the real value of that money can quietly shrink. Inflation erodes the buying power of money by steadily increasing the cost of goods and services, meaning each dollar purchases less over time. In practical terms, what $100 could buy a few years ago now costs noticeably more, reducing your real wealth if your income or investment returns don’t keep pace.
How to avoid it: Keep enough cash for emergencies and short-term needs, but consider using superannuation or investment options that can provide higher long-term growth while managing risk.
Defending your purchasing power is crucial long term.
2. Ignoring Superannuation Contributions
Superannuation is sometimes seen as untrustworthy, with many people saying, “But I could lose everything.” In reality, that’s not the case. You have control over how your super is invested and can choose the level of risk that suits your comfort and goals.
Superannuation also remains one of the most tax-effective ways to build wealth, yet it’s still often overlooked. Many people don’t make additional contributions or take advantage of opportunities such as salary sacrifice, catch-up contributions or the spouse contribution offset.
How to avoid it: Review your super regularly, understand your contribution limits, and explore strategies that can help you build retirement savings more efficiently.
3. Holding On to Investment Properties for Too Long
Property has been a strong performer for many regional investors, but holding investment properties into retirement can sometimes work against you. Rising land tax, maintenance costs, and the loss of tax deductions after retirement can all erode returns.
How to avoid it: Reassess your investment properties every few years. Consider whether selling and reinvesting in superannuation or managed investments might provide better after-tax income and less stress in retirement.
4. Being Asset-Rich but Cash-Poor
It’s common for regional Victorians (in particular farmers) to hold most of their wealth in property, farmland, or business assets but have limited cashflow. This can make it difficult to fund retirement or manage unexpected expenses. In retirement, cashflow is king. If your assets can’t provide for you once you are no longer earning an income, then what comes next?
How to avoid it: Aim for a mix of assets. Balancing property with more liquid investments, such as super or managed funds, helps provide both long-term growth and regular income.
We’ve worked with many clients with the goal of diversifying their balance sheet to take the pressure off any single asset. Having the time to plan probably is the key to success.
5. Over-Reliance on Local Property
Many regional investors feel most comfortable investing close to home, with over two thirds buying an investment property in the suburb in which they live. But this can create geographic risk. If the local economy slows or rental demand falls, your returns can suffer.
How to avoid it: Diversify your investments. Consider exposure to different regions, industries and asset classes to reduce risk and improve long-term outcomes.
6. Neglecting Business or Farm Succession Planning
Many farming families across regional Victoria still follow the traditional approach of leaving the family property to the eldest son without properly discussing the plan with the rest of the family. While this might seem like the simplest solution, it can create significant friction between siblings — particularly when others feel excluded or treated unfairly. Without open communication and a clear succession plan, these situations often lead to family disputes, emotional strain, and even forced sales or tax complications that could have been avoided with early planning and professional advice.
The same can be said about any small busines. Without planning, the next generation may face difficult tax bills or forced sales when it’s time to hand over control.
How to avoid it: Work with professionals early to structure ownership and plan gradual transitions. This protects both your wealth and your legacy.
7. Delaying Estate Planning
It’s easy to put off updating your will or power of attorney, but for many regional families, assets like farms, sheds, investment bonds or jointly owned land can complicate estate matters. Outdated documents can lead to unnecessary costs or family tension later on.
How to avoid it: Review your estate plan every few years and whenever your circumstances change. This ensures your wishes are clear and your assets transfer smoothly.
8. Missing Out on Government Benefits
Country people are proud, hardworking, and self-reliant — we’re bred tough and don’t like asking for handouts. But sometimes that mindset means missing out on legitimate government benefits designed to support everyday Australians. Many people across regional Victoria qualify for tax offsets or concessions but never claim them, including the Low Income Super Tax Offset (LISTO), the spouse contribution offset, or even Age Pension entitlements.
How to avoid it: Review your eligibility each year. A financial planner can help you identify government incentives that improve your cashflow or boost your retirement savings.
9. Underestimating Insurance Needs
Tradespeople, contractors and self-employed regional workers often skip personal insurance to save costs. However, a sudden illness or accident can seriously disrupt both personal and family finances.
How to avoid it: Review your income protection, life and trauma insurance regularly to ensure you and your family are financially protected if something unexpected happens.
10. Not Using Professional Advice Locally
A subtle but important one: many regional Victorians assume quality advice only comes from the city, or they rely on DIY research and Facebook groups instead of getting tailored, licensed financial advice. This often leads to missed tax strategies, poor investment diversification, or staying in outdated super funds.
How to avoid it: Work with a qualified, locally based adviser who not only has the same technical knowledge as city professionals but also understands the realities of regional life. A local adviser knows the pressures faced by country families, small business owners and farmers — and can tailor advice that genuinely fits your lifestyle, goals and community.
10. Being Too Trusting — and Not Seeking a Second Opinion
Regional Victorians are loyal and community-minded, which is a great strength. But sometimes that loyalty means staying with the same super fund, bank, or adviser for decades without checking if it’s still the right fit. A second opinion can often reveal inefficiencies in fees, performance or strategy.
How to avoid it: Treat your finances like your health — getting a second opinion from an independent, licensed adviser can help confirm you’re on the right track and identify ways to improve outcomes.
Final Thoughts
Regional Victorians are practical, hardworking and resilient. By applying that same mindset to your finances, you can avoid common mistakes and make your money work harder for you. A few small changes, reviewed regularly, can make a big difference to your long-term security and peace of mind.
At Greybox Wealth, we work with clients across Bendigo and regional Victoria to provide clear, practical advice on superannuation, retirement planning and investment strategies.
If you’d like a second opinion or simply want to understand your options, click here to book an appointment today.