2:20 AM
A snapshot survey of how women manage their money, conducted by personal finance website JustMoney during Women’s Month, has revealed:
- 79% of women are in charge of their money;
- 56% of women drive money management decisions;
- 86% of women are confident about money management
decisions;
- 85% think it is very important for women to understand
money management;
- 64% look to their parents as role models when it comes
to their finances; and
- 51% of the respondents believe that women tend to have
more debt than men.
Close
to 400 women responded to the 13-question survey, says JustMoney Commercial
Manager Sarah Nicholson.
“This
survey elicited a smaller response than others we have conducted, which
normally attracted around 2000 replies. Possibly this is an indication that,
while many women are taking control of their finances, there is still a
considerable need for greater education.”
More
than 35% of participants were 35-44 years old; 27% between 25 and 34; close to
20% ranged between 45 and 54; 9% were in the 55-64 bracket; close to 6% between
18 and 24; and 3% were older than 65 years.
See
the survey here.
When
asked who managed their money, 79% of respondents said
they were in charge, only 1% said their partners were running their
finances, and close to 20% said they were co-managing with their partners.
When
it comes to money management decisions in their homes, about
56% said they drove those decisions, while close to 4% said their partners
did. The remaining 40% said the decisions were made together with their
partners.
When
asked if they had an equal say in joint money management decisions, about 89%
of respondents said yes and 11% said no.
Confident money management
Asked
if they were confident in their money management decisions, 82% said yes and
18% said no. Close to 73% of the respondents said they didn’t believe the
stereotype that women are terrible at money management, whereas 27% found some
truth in it.
Some 85% thought it was very important for women to
understand money management, 14% believed it was important, and 1% thought it was
unimportant.
Some 64%
of respondents felt that less responsibility is placed on women to be educated about
money management compared to their male counterparts, while 36% thought
otherwise.
Asked
about the age at which they started educating themselves about money, a little
more than 25% said they started before the age of 18 years, more than 37% said
between the ages of 18 and 24, close to 27% stated between the ages of 25 and34,
9% between 35 and 44, and a little more than 1% said between 45 and 54. Less than
1% started between the ages of 55 and 65.
Close
to 90% of respondents thought it was very important for women to be taught
about money management at a young age. A little more than 10% thought it was important,
while less than 1% found it not important at all.
Parental role models
Some 64% of readers turn to their parents as role
models when it comes to their finances. Close to 21% chose their partners, and some 16% look
to their friends for guidance.
When
asked if they’ve ever sought advice from a financial adviser, nearly half said
yes.
Another
question was whether respondents would rather entrust a woman or a man to
facilitate their finances and their investment portfolio. Close to 70% said it
didn’t matter, more than 25% said they would pick a woman, and slightly over 5%
said they would choose a man.
When
asked which areas of personal finance they would be interested in, close to 47%
said they were interested in savings and investments, 19% said they were
interested in planning for retirement, a little more than 12% said they were
interested in budgeting, and close to 8% said they were keen to learn about
setting financial goals. The remaining 14% were interested in general financial
product awareness.
Barriers to education
When
asked about the biggest barrier to entry when it comes to women educating
themselves on money matters, 24% of respondents think that, because the
industry is male-dominated, it is harder for women to educate themselves about
personal finances. Some 27% said it was due to a lack of information, more than
19% said it was because of a lack of confidence, over 16% said it was a lack of
interest, and 12% said it was due to a lack of experience.
Some 69%
of the readers believed that the personal finance industry is geared towards
men, while 31% believed the opposite.
Asked about how they’re experiencing the lockdown, 49% of readers said they are coping well, 28% said they are barely coping, and 23% said they are really struggling.
“The fact that half of the respondents are finding it hard to cope with lockdown is not surprising, but it does reinforce the importance of educating yourself about your finances so that you can better manage your situation and possibly take some tough decisions,” says Nicholson.
“It’s pleasing that 79% of women are in charge of their money. Many are educating themselves about their personal finances from an early age, and are either making their own money management decisions or are co-managing with their partners. However, you identify in the world, it is empowering to be able to take care of yourself rather than to hope or expect that others will support you.
“You can
access plenty of information, at no charge, on the JustMoney website. We offer articles,
budgeting tools, online calculators, financial guides and a full range of
products and services from reputable providers, as well as a ‘deals’ section highlighting
special offers from shops, restaurants and other outlets.”
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