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
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
