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Millennial women fit but not financially healthy
Young Australian women are at serious risk of never achieving true financial independence because they prioritise physical health over their financial health, according to an Australian super fund.
Millennial women fit but not financially healthy
Young Australian women are at serious risk of never achieving true financial independence because they prioritise physical health over their financial health, according to an Australian super fund.
Industry fund NGS Super said its new research shows millennial females are spending up big on their physical health while turning a blind eye to their financial health, noting 60 per cent of the women surveyed indicating they had invested in their physical health over the last year, compared to only a quarter who had spent money on their financial knowledge.
The picture was no less concerning when quantified, with Australian female millennials admitting they had spent $400 on average on their physical health in the last 12 months, in comparison to a median $0 on financial knowledge.
And while the research did find that while 77 per cent of millennial females consider financial independence to be important, only two in five are actively seeking to improve their financial knowledge.
More than half of the women surveyed for the research also indicated a lack of confidence about their financial future.
Commenting on the findings, NGS Super’s CEO, Laura Wright, said: “Despite three in five female millennials believing they are financially healthy, the sobering truth is that without a real investment of time and money early on, many women will be left scrambling to achieve financial independence and a stable nest egg when it’s time to retire.
“On average, women currently retire with $90,000 less than men.
“With an average gender pay gap of 14 per cent, the odds are stacked against them, which is why it is absolutely vital that millennial women start saving early and seriously consider how they can invest in their financial fitness.”
In sounding out the warning to millennials, Ms Wright argued that “without a commitment to improving financial fitness now, this generation of Australian women is at risk of never achieving true financial independence and could run out of money in retirement”.
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