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New research has revealed that 22.4 per cent of Australian women leave the decisions relating to money to their partner or a family member.
According to consumer research conducted by RateCity.com.au, this is compared with just 6.6 per cent of men.
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The research also found women are more likely to suffer from debt-related stress than men, with a quarter of women surveyed admitting that debt causes them daily stress, compared with 14 per cent of men.
RateCity.com.au spokesperson Laine Gordon remarked that more needs to be done to ensure that Australian women have the same opportunities as their male counterparts.
“It’s troubling to learn that not only are women earning less, but many are feeling overwhelmed by money and consequently leaving the decisions about their finances up to their partners,” Ms Gordon commented.
“We want Australian women and men to feel equally empowered to make good decisions about their finances and take control of their money. But more needs to be done to make that a reality,” she added.
Ms Gordon emphasised that the key is increasing women’s exposure to good financial information, as RateCity.com.au’s research shows that men spend more time per month informing themselves about credit cards, bank accounts and superannuation than women.
“We also know from previous studies that women are more likely to contribute a smaller amount to their savings each month and on average have a smaller super balance than men,” Ms Gordon noted.
“Today’s pay gap has serious implications for women, who typically live longer than men and are more likely to have time out of the paid workforce to care for children and elderly parents,” she said.
“This can put some women behind when it comes to being financially secure – both now and in the future."
[Related: Aussie women at risk of ‘financial abuse’: report]
