Women 'have worse personal finances'

Mozo

Thursday 18 February 2010

Almost a third of Aussie women have been classed as "financially unfit" during the second annual Bankwest Financial Fitness Index.

This contrasts with a quarter of men, suggesting that women are more reliant on debt and have fewer savings, the Australian Associated Press reported.

Bankwest found that six per cent more people are now classified in the most serious category of financially unfit when compared with last year. The firm concluded that the benefits of the economic recovery are still not being felt by many people.

In addition, the survey found that 69 per cent of Australians felt that 2009 had been a difficult year for them financially. Difficult personal finances may encourage more people to compare savings accounts and home loan rates in search of the best deals for their money.

The news comes after Alysia Hamilton, head of the networking group GLAM (Girls Learning About Money), told News Limited this week that as living costs rise, Australian women need to stand up for themselves and demand pay rises.

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