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
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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.
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A haven for hedge-fund titans and Hollywood grandees, Greenwich is one of the world’s most expensive residential enclaves, where eye-watering prices meet unapologetic grandeur.
The 7,145-square-foot apartment, with European-inspired interiors, hasn’t traded hands since it was built in 2008.
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A Denver condo that hit the market earlier this week for $16 million is now the Mile High City’s most expensive listing.
The new listing by far beats the next-priciest home for sale, a condo in a new development that was put on the market at the beginning of the year for about $9.79 million.
The city’s most expensive single-family home is asking just shy of $9 million—the metro area’s priciest single-family homes tend to be in the Cherry Hills Village suburb.
At 7,145 square feet, the newly listed unit is nearly double the size of the one in the new development and more on par with the size of some of Denver’s most expensive single-family homes.
It’s on the top floor of a seven-story mixed-use building that was built in 2008 in the Cherry Creek neighbourhood, one of the most affluent areas of the city.
The last time the three-bedroom apartment sold was before it was even completed, though it’s been owned under a few different LLCs and trusts.
The seller, who Mansion Global wasn’t able to identify, bought the condo from the developer in September 2007 for $4.047 million, records show.
The design of the interiors is European-inspired, with decorative columns, elaborate millwork and ornate built-ins.
Plus, there’s a mahogany-clad study, a formal dining room that seats up to 30 guests and views of mountains and Denver Country Club’s golf course.
A private terrace adds 1,230 square feet of outdoor living space and features a fireplace and a built-in barbecue, according to the listing with Josh Behr of LIV Sotheby’s International Realty.
A representative for Behr didn’t respond to a request for comment.
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