March 30, 2014
South Australian (SA) men are stronger savers compared to women according to Mortgage Choice’s inaugural 2014 Money Survey.
The results show that 32.2% of SA males indicate they save between 16% and 30% of their monthly pay. By comparison 47.8% of SA women save less than 15% of their regular income.
So does this mean that men also have a clear handle on their overall financial situation?
Well not really......
While SA men are better savers, the survey found that SA women keep better track of their finances. Of all the SA women surveyed, 69% say they track their day-to-day spending on a regular basis. However a significantly smaller portion of SA men reveiw their outgoings regularly, with just 46.9% tracking their expenses on a weekly basis.
So how much is put aside for a rainy day?
Of the SA male respondents, 34.5% have more than $20,000 in their rainy day saving account and only 21.3% of women have this much put aside. And on the flipside 46% of women have less than $5,000 set aside compared to 30% of males with similar savings.
Regardless of gender are you on top of your financial situation?
There is no right or wrong way , so long as you track your spending to ensure you don't overspend, as well as put money aside on a regular basis for that 'rainy day'.
Instinctively you will know if you've got the blend right.
If you would like more help managing your financial situation speak to Julie Browne today on 0421 206 543