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Moneysmart study reveals Gen Z women more concerned about finances than men
Invest
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male counterparts.
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male counterparts.
The study finds that a larger percentage of Gen Z women are overwhelmed by finances and stressed about the cost of living, indicating a gender gap in financial wellness and literacy among young Australians.
According to the findings, 87% of Gen Z women reported severe stress concerning the cost of living, in contrast to 77% of Gen Z men. Additionally, 57% of young women felt overwhelmed by their financial situation, compared to 41% of young men. The research also highlighted that Gen Z women are less likely to seek ways to grow their wealth, with only 14% doing so compared to 21% of men.
The personal savings trends further underscore the financial disparity, with 11% of women having no personal savings, contrasted with 4% of men. Furthermore, the use of buy-now-pay-later services is more prevalent among Gen Z women, with 32% utilizing these services as opposed to 25% of Gen Z men.
Amanda Zeller, ASIC’s Acting Senior Executive Leader of Corporate Finance, emphasized the global nature of this financial confidence and literacy gap. "Moneysmart’s findings are in line with research coming out of organisations such as the OECD, which shows that women are less confident and knowledgeable with money than their male peers,” Zeller explained. She also highlighted the consequences of stereotypes on young women's financial wellbeing, stressing the need for intervention to break the cycle of financial anxiety and insecurity among women.
The study also critiqued the cultural trend of 'girl math', a mode of rationalizing spending that, despite sometimes incorporating legitimate economic concepts like cost-per-wear, ultimately does not foster financial security. Zeller argued for a shift in perspective to equip young women with the financial literacy needed for sound money management.
“Instead of stereotyping, let's encourage women to make every dollar count," Zeller urged. She outlined several tips for financial empowerment, including tracking spending, automating savings, and using apps that round up transactions to save money effortlessly.
ASIC's Moneysmart aims to bolster women's financial literacy by offering resources and tools for informed financial decision-making. The initiative covers a range of topics from budgeting and saving to investment strategies and superannuation advice, guiding women towards financial independence and security.
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