January 22, 2015
It would appear perception and reality are not aligned when it comes to what men and women think the opposite sex likes to spend their money on.
According to Mortgage Choice's latest Happy As Index, Australian men believe women like to spend their money on fashion (76.8 per cent), followed by beauty (57.1 per cent) and socialising (45.5 per cent).
But, when asked what they actually like to spend their money on, Australian women said they prefer to use their money for entertainment followed by socialising, with beauty coming in seventh place.
Of course, it wasn't just men who had no clue about what their female counterparts would happily spend their money on, women were just as bad at guessing what the opposite sex wanted.
As per the Index's findings, women believe men like to spend money on booze (49.9 per cent) followed by technology (42.4 per cent) and sport (40.4 per cent), while the truth is men actually prefer to spend their cash on entertainment and socialising.
“The index suggests men believe women are image-obsessed and like to spend their money on perfecting their appearance, while women think men like to head to the pub. But, in reality, both sexes like to spend their money on the same things,” Mortgage Choice spokesperson Jessica Darnbrough said.
The Happy As Index also found that when it comes to saving money, men are better in this area than women.
Men tend to save more of their income, with almost 30 per cent (28.8 per cent) of male respondents indicating they saved between 16 and 30 per cent of their after tax salary this year, while just 20.4% of women saved the same amount. In fact, almost a third (30.8%) of women admitted to having saved none of their after tax income this year.
Putting gender differences aside, Ms Darnbrough said it was important for Australians to stay on top of what comes in and goes out of their bank accounts.
“It's really important to stay on top of your finances, not outspend your means and put money aside on a regular basis for a ‘rainy day',” she said.
“If you would like more help managing your financial situation or would like your money to work harder, it pays to speak with a financial adviser.
“An adviser can help you create a financial strategy that is not only perfectly suited to your needs, but allows you to successfully manage your finances both now and into the future.”
If you would like learn more about your home loan or financial advice options, call 13 77 62.