Over 80% of Kiwi women rated their level of financial wellbeing as moderate, low or very low, and over 70% agreed that financial wellbeing influences their overall wellbeing, according to a study by the Financial Services Council (FSC).
The report, titled Money and You – Women and Financial Wellbeing in New Zealand, examined how women in New Zealand approached their finances and the obstacles they may face in achieving financial wellbeing.
FSC found that more than 60% of female respondents said they worry about money daily, weekly or monthly, and a similar proportion (62%) of female respondents said they did not feel prepared for retirement. The study noted that money worries tended to decrease with age.
Over 80% of female respondents rated their financial wellbeing as moderate, low or very low, with 60% rating their investing literacy as low. Meanwhile, 32.4% of female respondents said they use or plan to use micro-investing platforms.
“This report is the first time we’ve shone a light on gender and financial wellbeing in New Zealand, following the recent launch of the FSC’s diversity and inclusion initiative with the campaign #itstartswithaction and our commitment to support Te Ara Ahunga Ora Retirement Commission's National Strategy for Financial Capability,” said FSC chief executive Richard Klipin. “While we know there are many barriers facing women that men do not experience, such as the gender pay gap, lower retirement preparedness and interrupted work patterns due to time out of the workforce, this report also highlights some encouraging trends.”
Klipin said that women are adopters of digital financial services tools, and that the older women get, the less they worry about money. Women are also more likely to seek ethical investment options than men.
“In many ways this research asks more questions than it answers, but by highlighting some of the key issues with financial wellbeing through a gender lens it provides us with a starting point to delve deeper into in 2022 and drive further action in this important area,” Klipin said.
