Women save for holidays, men build wealth

According to a new survey by ME Bank, released today for MoneySmart Week, women are leading the way in terms of day-to-day money management but drop the ball when it comes to long term wealth generation.

33 percent of women surveyed said that they are saving for a holiday or car, compared with 24 percent of men. While 25 percent of men said they were building wealth for retirement compared with just 19 percent of women.

MoneySmart Week Ambassador, Elaine Henry OAM said that women need to take the reins of the finances as early as possible.

"Women live longer, generally earn less, have lower super balances and are more likely to take time off for child-rearing and caring responsibilities, so they need to extend their focus from day-to-day money management to planning for the future."

While the survey showed that a similar percentage of women and men are planning to invest in shares, bonds and property, men were much more confident in being able to reach their goal. 51 percent of men said they would be able to achieve this goal in 12 months, compared with 36% of women.

Mozo found that Australians waste $25 billion a year on expenses that are easily avoidable.  Credit card interest topped the list at 6.16 billion. To find out how much money you are wasting in credit card fees and interest, try the free Credit Card Health Check tool on Mozo.