Men may earn more than women and retire with more money in their super fund than women, but it turns out women have become very adept at handling their finances, despite not being entirely comfortable doing so.
New research conducted by CoreData for Fidelity International has discovered that 42 per cent of women worry about money at least one per day or once per week.
The data also found that women tend to focus on goals rather than personal financial gain when it comes to managing their money, such as having enough money to provide for their family, being able to pay off their mortgage and having enough money to live the lifestyle they want well into retirement.
However, ASIC’s MoneySmart reports that 55 per cent of women under 35 find dealing with money stressful and overwhelming, and that 85 per cent of women under 35 don’t understand fundamental investment concepts.
However, in spite of all that, it turns out women are better at managing their money than men.
Data and analytics business Illion has just released their Credit Card Nation report, and it revealed that men are bigger spenders than women and worse at paying back their debt.
The report found that 56 per cent of all credit cards in Australia belong to men, and that those credit card accounts are more likely to be behind in their payments.
The chief executive officer of Illion, Sam Bligh, told News.com.au that men usually rack up bigger purchases and that men are risk takers that tend to spend big on electronics and other large expenditure items.
The Fidelity International research revealed that women do not feel confident investing their money, and generally aren’t risk takers. While that may put them at a disadvantage when it comes to investing, it turns out that an aversion to risk has made women better at managing their finances in general.
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