More than 4 in 5 women rate their financial well-being as very low to moderate
According to a Financial Services Council (FSC) study, over 80% of women surveyed in a finance survey consider their financial well-being to be moderate to very poor and over 65% consider the same to be true. of their general well-being.
Just under 64% of women surveyed worry about money at least once a month and more than 70% believe that financial well-being influences their overall well-being, according to the study report titled ” You and Money – Women and Financial Well-being âin New Zealand.
The FSC found that more than 60% of women surveyed said they worried about money on a daily, weekly or monthly basis, and a similar proportion (62%) of women surveyed said they did not feel prepared for retirement. The study noted that worries about money tended to decrease with age.
âThis report is the first time that we shine a light on gender and financial well-being in New Zealand, following the recent launch of FSC’s diversity and inclusion initiative with the #itstartswithaction campaign and our commitment to support the Te Ara Ahunga Ora National Retirement Commission. Strategy for Financial Capability, âthe report says.
The field research was undertaken in April 2021 with just over 2,000 New Zealand respondents and the ensuing report reveals four key areas of discovery.
First, although surveyed women rate their financial confidence and well-being lower than surveyed men, industry research shows women are engaged in budgeting, saving and investing, highlighting a potential gap. between their perception of their financial confidence and reality.
Second, women tend to be more risk averse when it comes to money. This research indicates comparative caution in their likelihood of investing through new digital platforms and riskier investments such as cryptocurrency.
The third area highlights issues related to the suitability of KiwiSaver and other financial products for people with interrupted, part-time or self-employment. Women tend to have more interrupted working lives, with many taking on the primary role of caring for children and extended family. This begs the question: Are savings products designed to put everyone on an equal footing?
The final area of ââdiscovery is the persistent and oft-reported problem of the gender pay (and savings) gap. This research points out that the gap may be due to several reasons, including declining wages and the structure of household finances. The reduction in retirement savings results from the disruption of work patterns leading to lower contributions from employers and employees, and has an impact on the preparation of women for retirement, particularly if they are widowed or separated. ‘a partner.