Economy

Women struggle to save

SmartCompany /

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

Advertisement
SmartCompany

SmartCompany is the leading online publication in Australia for free news, information and resources catering to Australia’s entrepreneurs, small and medium business owners and business managers.

We Recommend

FROM AROUND THE WEB