Australian women lag behind European peers in managing their money
A survey of 18 global markets has found Australian women are more likely to seek help to manage their money than those in Germany, the US, and Great Britain.
Per the recent YouGov global survey on the future financial outlook, Australia scored high within the Asia Pacific region but ranked low on the global table in terms of financial literacy among women.
Germany reported the highest number of women saying they do not need help managing their money better (68%), followed by Denmark (65%), Italy (63%) and France (62%), compared to 47% of women in Australia.
Some one in five Australian women (23%) identified learning to grow their investments as an area where they required assistance. Other areas where they said they needed help were setting a budget and tracking expenses (21%), planning for future life events (17%), improving their financial condition (16%), advice on the best home owning interest rates and mortgages (15%).
15% said they needed assistance in planning for retirement.
The YouGov survey spanned over 19,700 respondents, exploring the global outlook for household living standards, changes in disposable income, how consumers are dealing with and managing their finances as a result of the changes and how financial institutions can help and support.
It found over half of women (52%) globally reported a drop in their disposable income in the last 12 months compared to 47% of males.
Only a small proportion of both genders reported a rise in income, with men (17%) faring better than women (14%).
AUTHOR
Rhea Nath
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
