tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, October 5th, 8:41AM

News

rss
Latest Headlines

Women win financial stakes

New data from ASB shows that women are financially better off on a daily basis than men, but that's not all the story.

Monday, June 28th 2021, 7:24AM

Financial data from more than half a million ASB personal banking customers has revealed that on average Kiwi women are 2% financially better off day to day than men. This is despite earning 9% less on average, as men erode their pay advantage by spending 8% more.

Developed with the University of Melbourne’s Institute of Applied Economic and Social Research, the ongoing ASB study of spending, saving and credit behaviour gives insight into New Zealanders’ financial wellbeing, analysing the extent to which Kiwis have financial freedom, security and control.

ASB customer data for the year to 31 May 2021 demonstrated women trump men on all saving measures studied. They’re more likely to have a savings account and typically hold $600 more in savings. One in three women had at least $10,000 set aside and the study also showed fewer women live payday to payday, miss payments or fall into unarranged debt.

While women fared well on everyday money measures, ASB cautions this is not the full story, as the gender divide reverses when it comes to retirement savings. Analysis of ASB KiwiSaver Scheme data shows women withdrawing from their KiwiSaver at retirement have balances 12% lower than men.

Women not only earn less on average, but typically take more time out from paid work through maternity and family commitments, which impacts earnings, KiwiSaver contributions and ultimately retirement balances.

ASB found that on average women hold more in savings in the bank than men, but they’re not capitalising on this advantage long term. Projections show that if these additional savings were invested in an appropriate KiwiSaver fund, women aged 35-65 could collectively boost their retirement funds by around $750 million.

ASB chief executive Vittoria Shortt said while it’s remarkable to see how resourceful Kiwi women are with less, having a long-term plan is fundamental to a healthy financial future.

“ASB’s independent Investor Confidence and KiwiSaver surveys tell us women rate their knowledge of investing far lower than men and are more likely to be in the most risk-averse KiwiSaver funds, regardless of their personal circumstances or goals, which can mean they’re missing out on investment gains over time,” Ms Shortt said.

“Our study makes it clear that what we do with our money has a greater impact on financial wellbeing than income alone. Setting money aside for tough times is the most important thing Kiwis can do to improve their immediate financial wellbeing, but longer-term planning is vital too.

“Knowing where to start is key. ASB has made it easier for customers to assess their financial situation, set goals and take practical steps to reach them, with specialist advice and support available through our smart digital tools, expert banking advisors and KiwiSaver specialists.

“ASB is here to support Kiwis towards a better financial future, and we encourage customers to speak with us about how we can help them make the most of their money – today and tomorrow.”

Tags: ASB financial capability financial literacy KiwiSaver

« New advice rules more flexible than advisers thinkMann on a mission to diversify financial advice »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 6.35 5.79 5.79
ANZ 8.39 ▼6.79 ▼6.29 ▼6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.19 ▼5.69 ▼5.69
ASB Bank 8.39 6.35 5.79 5.79
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - ▼6.19 5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 8.44 - - -
BNZ - Rapid Repay 8.44 - - -
BNZ - Std 8.44 6.45 5.89 5.79
BNZ - TotalMoney 8.44 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.15 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 8.15 6.35 5.79 5.69
Co-operative Bank - Standard 8.15 6.85 6.29 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼6.60 ▼6.10 -
First Credit Union Standard 8.50 ▼7.20 ▼6.70 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC ▼7.49 ▼6.15 ▼5.69 ▼5.69
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 7.19 6.69 6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.29 5.79 5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 ▼6.69 ▼6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 ▼7.05 ▼6.39 ▼6.39
SBS Bank Special - ▼6.45 ▼5.79 ▼5.79
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 ▼5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 ▼7.09 ▼6.59 ▼6.59
TSB Special 8.39 ▼6.29 ▼5.79 ▼5.79
Unity 8.64 ▼6.29 ▼5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.65 5.99 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 8.44 6.53 6.10 5.79

Last updated: 4 October 2024 9:35am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com