Women struggle to save

Could the credit crunch be hitting women harder than men?

A new survey from Australian Women’s Health magazine, reported on news.com.au, has found that 33% of women have no savings and 43% of respondents have less than $1000 in the bank.

Just over a third of respondents ‘fessed up to owing up to $1000 on a credit card, while 8% revealed they had credit card debt of over $10,000.

About 17% of respondents reported savings of over $10,000, while 11% of women said they had saved enough for a house deposit.

Women have been a big target of state and federal government financial literacy programs in recent years. For example, the 2006-07 Victorian budget set aside $1 million to fund specific financial literacy training for females.

More may need to be done to get the savings message through.

 

Read more on budgeting

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