Vic women fearful about managing finances
Women in Victoria, even highly-educated, well-paid women, feel overwhelmed, clueless and fearful about managing their finances according to the ‘Women’s Financial Literacy Research Report’ by WIRE – Women’s Information.
The study revealed that while 55% of women said they had a high level of interest in financial matters, only 25% felt well informed and knowledgeable about finance, and only 11% felt able to easily read and understand financial information. Only 16% said they regularly sought out financial information and advice.
Many women said that faced with what they saw as a minefield of information and options they did not properly understand, they were frozen into inaction.
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The report recommends that financial products, services and educational programs need to be designed taking gender into account. Financial information also needs to be written in plain English and in a way that women can relate to.
With this in mind, WIRE has created ‘A woman’s guide to surviving the money jungle’. This foldout resource is designed to acknowledge women’s fear while inspiring them to take action and providing them with links to helpful resources.
It reminds women that it is never too early and never too late to take steps towards securing their own financial futures.
