The price women pay: less savings, less super and more financial stress than men

Australian women are facing more financial stress than men, with the cost-of-living crisis and high interest rates pushing more than 7 million women into financial difficulty, a new report by Finder shows. Women also have less savings, superannuation and fewer investments than men, and six in 10 Australian women say they are enjoying life less than they were a year ago due to money worries.

As International Women’s Day gets underway on Friday, Finder’s personal finance expert, Sarah Megginson, said cost of living pressures are having an outsized impact on women. “Millions of women have found themselves experiencing higher levels of financial worry, especially as rents and mortgages have soared, putting a lot of pressure on your budget.”

The report found 69 percent of women are experiencing financial stress today compared to 49 percent of men. Housing expenses are causing the most strain, with 42 percent of female homeowners finding it hard to make their home loan repayments compared to 32 percent of men. Due to women earning less, the average aspiring female property purchaser needs to work three more years than a man to accumulate a 20 percent deposit for a house. Among renters, 48 percent of women surveyed by Finder are struggling to pay the rent compared to 40 percent of men.

Women also have 53 percent less cash savings than men. The average woman has $22,680 in savings and puts away $551 a month. The average man has $48,087 saved and squirrels away $832 per month. In January 2022, women had 15 weeks’ worth of savings. Two years later, this has fallen to less than 13 weeks, while men’s savings have marginally increased from 17.9 weeks’ worth to 18.3 weeks now.

Making ends meet for the basics of life means women are investing less than men, Ms Megginson said. The average Australian male investor has $88,775 invested in shares, which is double that of the average woman, who has $45,125 invested.

“The outsized impact of cost of living pressures on women has likely restricted their ability to invest,” Ms Megginson said. “Right now, the focus is on immediate needs – housing, everyday bills and groceries – which means longer-term wealth building gets put on the back burner. The research shows us that women are actually really great at keeping their debt levels down and saving – they generally outperform men in this regard. Still, their long-term wealth suffers.”

Last month the Federal Government released the first gender pay gap report comparing the wages and salaries of men and women employed at nearly 5,000 private sector companies. The results show that 50 percent of employers have a gender pay gap of more than 9.1 percent, and 62 percent of median employer gender pay gaps are more than five percent and favour men.

Diana Mousina, deputy chief economist at AMP, said that while unconscious gender biases in the workplace exist, other factors also contribute to the gap. This includes a lower female labour participation rate of 62.6percent compared to 71.1 percent for men, and a higher proportion of women working part-time. This is largely due to women taking a greater share of child care responsibilities within families. Women also dominate lower–paid industries that offer more flexible hours, such as health care and social assistance, while men dominate the lucrative construction, mining and energy industries where there is higher risk and less flexibility.

Ms Megginson said women retire with far less superannuation than men. The latest data published by the Australian Taxation Office shows men had about 20 percent more in superannuation than women on 30 June 2021. Yesterday, Federal Labor announced it would pay superannuation on top of government-funded paid parental leave from 1 July 2025 if it wins the next election.

Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.

The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.

Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.

“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.

“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.

“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”

The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.

Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.

“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.

“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”

The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.

Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.

The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.

Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.

Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.

The price women pay: less savings, less super and more financial stress than men

The average aspiring female property purchaser needs to work three more years than a man to accumulate a 20 percent deposit for a house, a new report has shown

Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.