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

You can help keep SmartCompany free for everyone to read

Small and medium businesses and startups have never needed credible, independent journalism and information more than now.

That’s our job at SmartCompany: to keep you informed with the news, interviews and analysis you need to manage your way through this unprecedented crisis.

Now, there’s a way you can help us keep doing this: by becoming a SmartCompany Supporter.

Even a small contribution will help us to keep doing the journalism that keeps Australia’s entrepreneurs informed.

And it’s not all one-way traffic either. SmartCompany Super Supporters get to dial into our monthly editor’s meeting and attend a monthly, invite-only webinar with a big-name entrepreneur.