Yahoo Finance Stark money issue dividing Aussies
There is a wealth divide in Australia, and some of the numbers are staggering.
Australia is currently experiencing a cost-of-living crisis, yet one group of Aussies have less of a savings buffer than others to help them get through.
As we celebrate International Women's Day, Finder has released new data outlining the areas where a financial disparity between men and women still exists.
Women have less than half the cash in the bank than men do, according to Finder’s Consumer Sentiment Tracker.
Also read: International Women's Day 2023: 3 ways to level the playing field with men
Also read: Why Aussie women are less likely to own a home: ‘Missing out’
Also read: Why women have gone backwards financially
In fact, the average Aussie woman has $21,499 in savings, compared to $43,441 for men.
Shockingly, that gap has increased since 2022, when the average woman had $21,233 in savings while the average man had $38,932 stashed away.
To add fuel to the fire, the average Australian woman is saving $564 a month, significantly less than the average Aussie male ($783).
Men also have almost triple ($28,897) the amount of money invested in shares compared to women ($10,171) which could lead to an even greater wealth divide later in life, Finder said.
Finder money expert Sarah Megginson said the financial divide between men and women was concerning.
“There’s a stark difference in the average amount of money saved up between men and women in Australia, which is a major concern, especially during periods of economic uncertainty,” Megginson said.
“What’s upsetting is that we seem to be going backwards, with the gap in overall savings balance widening in recent times. This means women are less likely to be able to handle an unexpected expense or have cash on hand for potential emergencies, leaving them more vulnerable. “
Megginson said it was clear Australia still had a long way to go in many areas to create financial equality.
“It’s not just about achieving pay equality, it’s also about overall workplace equality and pushing back on entrenched misogyny and sexism,” she said.
“International Women’s Day is an important time to pause and reflect, and appreciate and celebrate how far we’ve come. But there’s so much more to be done.”
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