Aussie women seek advice from friends

Australian women are more likely to seek financial advice from friends and family, while men are more likely to get advice from the media or a professional, according to new CoreData research.

The Invisible Sex Report 2010 examined the financial knowledge, understanding and purchasing behaviour of 4000 Australian women.

It revealed women were more likely to have never used a financial adviser than men, and were also less likely to have a dedicated adviser.

Men were more likely to select their super fund themselves and had a more accurate knowledge of their superannuation balance.

“The research shows that women adopt a more conservative attitude towards their finances than men, and are more concerned about saving and debt management than investing,” said CoreData analyst Kristen Paech.

“They also lack confidence and control in comparison to men, which could explain why they tend to play it safe when managing their finances,” she said.

“This suggests Australian women need a good injection of confidence. They need to start asking questions about the best ways to get the most out of their money and take charge of their finances,” Paech said.