Women trump men in financial planning
Women are more in control of their financial futures than men, according to the findings of RaboDirect's Savings and Debt Barometer.
The online bank polled more than 2,355 financial decision makers aged between 18 and 65 and found that over 69 per cent of women follow a budget, compared to 60 per cent of men.
In a similar finding, 92 per cent of women compared to 85 per cent men believe they should be saving for retirement.
RaboDirect's Renee Amor said that the survey results reiterate the fact that many Australians face considerable underfunding problems when it comes to their retirement, and effective budgeting should be the first step in addressing this issue for both sexes.
She said the next step was for Australians to pay off their most expensive debt, such as credit cards, and bartering a better rate deal with their bank.
"The survey found that men were most likely to switch banks, with 69 per cent describing themselves as switchers, compared with only 63 per cent of women, who were more likely to stick with one bank," she said.
According to the report, 42 per cent of women also found dealing with money stressful, compared to 35 per cent of men.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
