Money worries hitting women

Women worry about rising living costs more than men, and Australians are using family and friends for financial wisdom more than professionals, research has found.

People aged under 45 are two-to-three times more likely to seek money advice from family members than from accountants, banks, financial planners and mortgage brokers, according to a new report by Great Southern Bank.

And nine out of 10 Millennials – currently aged 30 to 44 – wish they had done things differently with their money when they were younger, including spending less on entertainment and setting up savings habits earlier, it says.

The study of 2000 people found 79 per cent of women were concerned about the cost of living, compared with 68 per cent of men, and were taking action by reducing spending on takeaway food, eating out, entertainment, groceries and beauty treatments.

Men were less likely to be cutting back on these household costs.

Great Southern Bank chief customer officer Megan Keleher said everyone was feeling cost-of-living pressure but women were being more proactive about making cutbacks.

“Even though it might feel like costs are only headed in one direction, it’s great to see people still finding ways to save,” she said.

“There is work to do to increase financial knowledge and confidence, particularly among younger Australians.

“Generation Z and Millennials have very different attitudes to money compared to their parents and they are increasingly calling on family and friends for advice. While this is a great starting point, it doesn’t need to be the only source.”

Goldsborough Financial Services director Brenton Miegel said home ownership remained a priority for young adults, “particularly when you are looking at the amount of rent people are paying is not too dissimilar to a mortgage”.