Borrow
4 ways women are better with money
The Australian woman earns, on average, 21 per cent less than the Australian man, but there are a number of ways where women are working to get ahead.
4 ways women are better with money
The Australian woman earns, on average, 21 per cent less than the Australian man, but there are a number of ways where women are working to get ahead.
Comparison platform Finder has revealed that while a whopping 80 per cent of Australian women are stressed about finances, there are a number of avenues through which Australian women are leading the charge when it comes to financial attitudes and habits.
In celebration of International Women’s Day on 8 March 2020, nestegg is celebrating all things equality and the importance of recognising and realising women’s rights through a financial lens.
Here are four ways, as highlighted by Finder in an effort to empower further action on equality, that women are taking control of their financial futures:
1. Women are more optimistic about home ownership
Finder has revealed that men are more likely than women to think they’ll be renting forever.
When asked over what time frame they would own their own home, 31 per cent of Australian women said they’d buy in the next one to five years, compared with just 27 per cent of men.
2. Women have higher credit scores
The average woman’s credit score is 789.7.
The average man’s credit score sits at just 696.4.
“This is an indication that women are better at managing their debt and financial commitments,” according to Finder.
3. Women are more proactive when it comes to debt
When Australia’s women do choose to go into debt, they are more likely than men (26 per cent to 22 per cent) to be motivated to switch credit card providers to ensure they are getting the best deal if needs be.
In a similar vein, they hold far less debt on said credit cards.
The average woman has just $5,416 in credit card debt, compared to the average man’s racking up of $8,148.
4. Women are more tech-savvy when it comes to finance management
According to Finder, women are also more likely to utilise technology to manage their finances.
As well as being more likely to use banking apps, 54 per cent of Australian women undertake internet banking, compared to just 49 per cent of men.
Despite the above, there’s still a lot that needs to be done to not only reduce the gender pay gap, but to ensure financial equality can become the norm in Australia.
Women are 4 per cent more likely to struggle to pay off a home loan or keep up with rental payments than men, and have less of a buffer when allowing for interest rate rises.
Finder has reported that a $337 rise in monthly mortgage repayments would be enough to cause women stress, but for men, the figure jumps to $428 before they would show concern.
RELATED ARTICLES
About the author
About the author
Loans
Fixing the future: How brokers and lenders can turn rate-hike anxiety into strategic advantage
Australian borrowers are leaning into short-term fixed loans as rate uncertainty lingers, shifting risk from households to lenders and their funding partners. That creates a narrow window for broker ...Read more
Loans
Mortgage mania: Why sluggish turnaround times are the new battleground in booming loan demand
Brokers across Australia are flagging loan processing delays precisely as borrower activity rebounds — a dangerous mismatch for lenders competing on service as much as price. The operational lesson is ...Read more
Loans
Why AI isn't penning Aussie mortgages yet trust trumps tech
Australian borrowers remain wary of AI taking the wheel on home loans, even as brokers and lenders quietly increase behind-the-scenes adoption. The trust gap is the core blocker — and it’s solvable. ...Read more
Loans
Underserved by design: A case study in turning FBAA broker density gaps into growth
Fresh FBAA data confirms broker headcount is rising past 22,000, yet coverage remains uneven — with concentrations in NSW and Victoria and pockets the association identifies as underservedRead more
Loans
The new shadow lender: How the ‘Bank of Mum and Dad’ is redrawing Australia’s first-home buyer market
Parental capital has become a decisive force in Australia’s housing market, accelerating deposits, lifting bidding power and creating a two‑speed pipeline of first‑home buyers. This isn’t a feel‑good ...Read more
Loans
The effortless edge: How Australian brokers turn retention into a compounding growth engine with AI and specialisation
Australia’s broking market is crowded, digital-first and unforgiving on acquisition costs. The growth story now is retention—engineered through low-effort client experiences, AI-enabled servicing and ...Read more
Loans
State Street: RBA holds rates at 3.6% as hawkish tone emerges
State Street has said the Reserve Bank of Australia’s (RBA) decision to hold the cash rate at 3.6 per cent reflects a more hawkish policy bias, signalling that the central bank is likely to keep rates ...Read more
Loans
The effortless edge: How brokers turn low-friction service into high-retention value
Client retention in broking is no longer about squeezing a better rate at renewal. It’s about building an ‘effortless’ experience that anticipates needs, removes friction, and compounds loyalty across ...Read more
Loans
Fixing the future: How brokers and lenders can turn rate-hike anxiety into strategic advantage
Australian borrowers are leaning into short-term fixed loans as rate uncertainty lingers, shifting risk from households to lenders and their funding partners. That creates a narrow window for broker ...Read more
Loans
Mortgage mania: Why sluggish turnaround times are the new battleground in booming loan demand
Brokers across Australia are flagging loan processing delays precisely as borrower activity rebounds — a dangerous mismatch for lenders competing on service as much as price. The operational lesson is ...Read more
Loans
Why AI isn't penning Aussie mortgages yet trust trumps tech
Australian borrowers remain wary of AI taking the wheel on home loans, even as brokers and lenders quietly increase behind-the-scenes adoption. The trust gap is the core blocker — and it’s solvable. ...Read more
Loans
Underserved by design: A case study in turning FBAA broker density gaps into growth
Fresh FBAA data confirms broker headcount is rising past 22,000, yet coverage remains uneven — with concentrations in NSW and Victoria and pockets the association identifies as underservedRead more
Loans
The new shadow lender: How the ‘Bank of Mum and Dad’ is redrawing Australia’s first-home buyer market
Parental capital has become a decisive force in Australia’s housing market, accelerating deposits, lifting bidding power and creating a two‑speed pipeline of first‑home buyers. This isn’t a feel‑good ...Read more
Loans
The effortless edge: How Australian brokers turn retention into a compounding growth engine with AI and specialisation
Australia’s broking market is crowded, digital-first and unforgiving on acquisition costs. The growth story now is retention—engineered through low-effort client experiences, AI-enabled servicing and ...Read more
Loans
State Street: RBA holds rates at 3.6% as hawkish tone emerges
State Street has said the Reserve Bank of Australia’s (RBA) decision to hold the cash rate at 3.6 per cent reflects a more hawkish policy bias, signalling that the central bank is likely to keep rates ...Read more
Loans
The effortless edge: How brokers turn low-friction service into high-retention value
Client retention in broking is no longer about squeezing a better rate at renewal. It’s about building an ‘effortless’ experience that anticipates needs, removes friction, and compounds loyalty across ...Read more
