NFP Survey Shows Women Prioritise Savings
12 January 2016 at 10:15 am
A survey by female-focussed Not for Profit, 10thousandgirl, shows that more Australian women are thinking about the bigger financial picture for 2016, but lack the discipline and skills to expand their financial planning.
The NFP survey found that 63 per cent of respondents said that they set financial goals for the new year however 60 per cent went on to say they did not actually create a budget for the year ahead.
When asked what held them back from pursuing their financial goals, almost two-thirds (63 per cent) put discipline first, knowledge second (43 per cent) and skills third (42 per cent).
The study found that prudence rules as a priority among Australian women, with 56 per cent citing “general savings” at the top of the list of financial goals, while specific “event saving” (such as weddings and babies) was at the bottom with just 4 per cent. Debt management and reduction came in as the second most significant topic, with nearly 50 per cent claiming it as a priority.
It found that property financial goals were also a focus for women. More than one-third had a goal relating to the home, either saving for a deposit or buying an investment property. Travel also featured highly with nearly one-third indicating an overseas stint was a focus of their financial goals.
“It’s all very well to have ambitions, but you need a strategy to get there – be it knowledge, discipline or practical support, and that’s what the 10thousandgirl initiative is all about,” Founder of 10thousandgirl, Zoe Lamont, said.
“Women have moved from thinking tactically to a more strategic review of their circumstances, and that’s wonderful but we still feel there’s more to learn, and certainly some discipline to introduce.”
When asked if they felt financially ahead or behind compared to last year, respondents were equally divided.
“The survey highlighted the need for people to tangibly set a budget to support their goals, given that one can support the other. Especially given nearly half said they were focussing on debt management/reduction,” Lamont said.
Started by a group of women in a Sydney pub in 2009, 10thousandgirl provides financial education to women across Australia.