The 'HAPPY AS' index

February 25, 2015
Peter Dall

Women are fashion fixated while men are booze, tech and sport obsessed: Happy As Index

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.

Gender perceptions

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,” local Mortgage Choice franchise owner, Peter Dall said.

Saving Money

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, it is 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’,

Table 1a: Female spending habits – Assumptions and reality

 

 

What men think women like to spend their money on

What women actually like to spend their money on

Fashion

76.1%

33.0%

Beauty

57.1%

18.1%

Health and Fitness

26.9%

22.8%

Love/online dating

6.5%

1.0%

Home furnishings

38.0%

31.5%

Socialising

45.5%

37.7%

Entertainment (music, concerts, etc)

32.9%

43.4%

Other

9.0%

25.6%

 

Table 1b:  Male spending habits – Assumptions and reality

 

What women think men like to spend their money on

What men actually like to spend their money on

Fashion

5.9%

33.0%

Gambling

16.4%

18.1%

Sports

40.4%

22.8%

Alcohol

49.9%

1.0%

Electronics

42.4%

31.5%

Socialising

36.2%

37.7%

Entertainment (music, concerts, etc)

33.2%

43.4%

Other

13.2%

25.6%

 

Table 3:  Savings

How much of your after tax income have you saved in some way this year?

Men

Women

None

22.7%

30.8%

0%-15% of my after tax income

41.1%

39.2%

16%-20% of my after tax income

17.0%

10.7%

21%-25% of my after tax income

8.1%

7.0%

26%-30% of my after tax income

3.7%

2.7%

31%-35% of my after tax income

2.1%

3.5%

36%-40% of my after tax income

1.4%

1.8%

41%-45% of my after tax income

0.5%

0.5%

46%-50% of my after tax income

1.1%

1.7%

More than 50% of my after tax income

2.3%

2.0%

 

If you would like learn more about your home loan or financial advice options, call 0414 583 233 or visit www.mortgagechoice.com.au/peter.dall.

 

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.

For further information, or to arrange an interview, please contact:

Peter Dall  -  Mortgage Choice

0414 583 233

peter.dall@mortgagechoice.com.au

 

We’re in the business of creating rich lives for our customers. Our purpose is to create a life of abundance for all Australians.

 
Our research has consistently shown that what matters to our customers is quality of life. Being comfortable financially, not having to worry about money, and having trusted advice from someone who genuinely cares.
 
What it also shows is that the freedom to create a rich life by focusing on what makes us happy comes with the feeling that we’re on top of our finances, and all the little things are sorted, so there aren't any niggling worries that eat away at our happiness.
 
And for many of us, happiness lives in our homes, within the bricks and mortar where we build our life stories with our family and friends. 
 
So we decided to celebrate the feeling of being ‘happy as’ ... because that’s how we want our customers to feel when they have the right plan in place to let them get on with the important business of being happy!


About the Survey

Market research company Nine Rewards was commissioned by Mortgage Choice to conduct the 2014 Happy As Index. The online Survey was conducted in late October and was completed by 1,166 Australians from a range of financial backgrounds.

Important information

This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances.

 

 

Posted in: Financial planning

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