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.
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About the author
Join The Nest Egg community
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
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