- Women outspend their male counterparts by $679 a year on a range of basic goods
- They have smaller credit card debts, less savings and retire with less super than men
- Women tend to be good investors but "don't do it enough", says a report
In another report prepared in time for International Women’s Day, it has been shown that women still lag men in pay.
Although women have “come along way”, there is still “work to do”, says the ‘From pay gap to parity’ report from financial comparison site Finder.
Despite this, Australian women outspend their male counterparts by $679 a year on a range of basic goods and services.
The largest gap is on income protection, where women spend $312 more a year on average.
“The fact that women are earning less, yet are expected to pay more for these basic items, is baffling,” said senior editor at Finder Sarah Megginson.
“As a society, we’re pretty well aware that women are paying more for things like contraception and personal care products – even products as basic as razors are more expensive for women, simply because they’re pink and marketed in a different way.”
“It’s a great conversation to be having now with International Women’s Day upon us. It would be a huge step forward to see more progress made to close this gap before IWD rolls around next year.”
Sarah Megginson, Senior Editor, Finder
Women also have far less in their savings than men, $21,398 as compared to $36,851. Women also retire with less super, on average they have $122,848 while men retirees have $154,453.
Women experience more financial stress than men, although they are better savers and more successful investors. A number of studies have shown that the more longer-term view that women take serves them well in this regard.
Women are also less likely to have racked up massive credit card debt and are less likely have been rejected for a financial product.
“Broadly women are really good investors but we just don’t do it enough. Traditionally, investing has felt quite inaccessible for women but it doesn’t need to,” said Ms Megginson.
“Investing might seem daunting at first but getting started is the hardest part. If you’re unsure where to start, micro-investing apps like Raiz are a great way to dip your toe into investing.
“Taking time to generate a passive income and build your wealth is key to long-term financial sustainability.”