Hit on home finances felt more by women, and they’re fighting back

Women have watched rising living costs more closely than men, and here’s what they are doing about the financial squeeze.

Women worry about rising living costs more than men, and Australians are using family and friends for financial wisdom more than professionals, research has found.

People aged under 45 are two-to-three times more likely to seek money advice from family members than from accountants, banks, financial planners and mortgage brokers, according to a new report by Great Southern Bank.

And nine out of 10 Millennials – currently aged 30 to 44 – wish they had done things differently with their money when they were younger, including spending less on entertainment and setting up savings habits earlier, it says.

The study of 2000 people found 79 per cent of women were concerned about the cost of living, compared with 68 per cent of men, and were taking action by reducing spending on takeaway food, eating out, entertainment, groceries and beauty treatments.

Men were less likely to be cutting back on these household costs.

Great Southern Bank chief customer officer Megan Keleher said everyone was feeling cost-of-living pressure but women were being more proactive about making cutbacks.

Great Southern Bank’s Megan Keleher says try to start a savings habit. Picture: Supplied

“Even though it might feel like costs are only headed in one direction, it’s great to see people still finding ways to save,” she said.

“There is work to do to increase financial knowledge and confidence, particularly among younger Australians.

“Generation Z and Millennials have very different attitudes to money compared to their parents and they are increasingly calling on family and friends for advice. While this is a great starting point, it doesn’t need to be the only source.”

The Great Southern Bank report also found more than one-third of Millennials had received financial help from their family to buy their first home.

Goldsborough Financial Services director Brenton Miegel said home ownership remained a priority for young adults, “particularly when you are looking at the amount of rent people are paying is not too dissimilar to a mortgage”.

Mr Miegel said people sought money advice from family and friends for several reasons, including lingering negative perceptions around financial services.

“Or it’s seen as costing too much for what is basic advice,” he said.

“Finding the right person to sit down and have a conversation with can be difficult. Their diary is full but you are wanting to chat with someone now.”

Mr Miegel said women’s greater money worries could reflect the fact that they were typically more aware of fast-rising household costs. “When I’m talking to a couple, the lady of the house has got a better handle on that sort of thing,” he said.

Victoria Athanasiadis, 29, says savings sacrifices were worth it. Picture: Supplied

Victoria Athanasiadis, 29, recently bought her first home solo and said it was a challenge to juggle savings, lifestyle and a social life.

“After years of saving, I’m very proud to have reached my goal as it has undoubtedly been tough at times, doing so on a single income, especially when I have constantly been told ‘when you meet someone, you’ll be able to move out with them’,” Ms Athanasiadis said.

“Now that I am living in my own home, I can safely say those years of sacrifices were worth it.”

Great Southern Bank’s Ms Keleher said people should try to cultivate a savings habit, “even if it’s just for a small amount of money every week”.

Consider trade-offs when chasing home ownership, she said. “This may include options like buying an apartment, a duplex, a smaller house or even moving to a location slightly further afield.”

Originally published as Hit on home finances felt more by women, and they’re fighting back