Women take control of finances
April 3, 2009
Women are sharpening up their budgeting to cope with the economic slowdown, a new survey shows.
A Citi Fin-Q survey of 200 women found more were saving and paying off credit cards as they took finances into their own hands, rather than relying on husbands and partners to crunch the numbers.
'Since the global credit crisis no one can hide from their finances,' Citi investment specialist Tania Browne says.
'The Citi Fin-Q results show females taking very practical steps in preparation for the bad times ahead.'
The survey, taken at the end of 2008, found women were saving more in case they lost their jobs.
In 2007, women had savings equal to 6.6 weeks pay, while the figure increased to eight weeks in 2008.
Half the women said they paid off their credit cards in full each month, compared with 34 per cent in 2007.
The survey also found 37 per cent of women were saving money each pay day, up from 27 per cent in 2007.
Despite the economic gloom, more women were confident in their retirement plans - up six points to 47 per cent.
And since 2007, more were drawing up monthly budgets and sticking to them, up from 18 per cent to 28 per cent.
'The unemployment rate is rising, superannuation funds and investments have taken a hit, and everyone is spending more cautiously,' Ms Browne said.
'In response, women are changing their behaviours, getting money wise and putting contingencies in place.'
Sky News
