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New research has warned that three in five Australian women in relationships are not taking steps to ensure their own financial independence.
CoreData defines financial abuse as the financial risk that women are vulnerable to due to a relationship breakdown, manipulative relationship, or their partner’s financially irresponsible behaviour that can leave them lacking financial security.
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CoreData’s Female Financial Abuse research, which surveyed 801 women nationally, found that 60.5 per cent of women in a relationship do not have any assets held separately from their partner in their own name.
The research showed that 70.3 per cent of women in a relationship feel at least somewhat reliant on their partner for financial support, with women in NSW most likely to feel this way (75.8 per cent).
According to the research, only two in five women have assets that are completely in their name only, even fewer have a savings account (39.0 per cent), transaction account (33.5 per cent), credit card (36.3 per cent), shares or other investments (17.5 per cent), residential property (8.8 per cent) or an investment property (4.6 per cent).
The research also indicated that while 85.8 per cent of women worry to some extent about money and the future, 53.2 per cent say they have no financial plan and only 10.5 per cent feel they have very strong financial knowledge.
Almost 3 in 10 (29.1 per cent) save nothing each month.
Kristen Turnbull, head of WA at CoreData, said that these statistics signal the potential vulnerability of many Australian women and that despite their increasing independence in modern Australian society, for many their financial stability remains linked to their partner.
“A lot of women are leaving themselves vulnerable – no matter how much they trust and love their partners – by not taking the steps to financially educate themselves and attain a level of financial independence from their partner,” Ms Turnbull said.
“It’s often the most vulnerable that appear to be the least aware of their vulnerability,” she added.
Ms Turnbull said that financial services companies have a role to play in assisting women to educate themselves around taking control of their own financial future.
[Related: Lender calls for more action on single female disadvantage]
