Women hold half the amount of savings on average than men do, based on findings from the comparison website Finder.
The average Aussie woman has $21,499 in savings, compared to $43,441 for men.
The gap (102 percent) is greater compared to 2022 (83 percent) when the average woman had $21,233 in savings, while the average man had $38,932 stashed away.
The average Australian woman ($564) is saving significantly less money each month than the average Aussie male ($783).
Men have almost triple ($28,897) the amount of money invested in shares compared to women ($10,171) which could lead to an even greater wealth divide later in life.
Sarah Megginson, money expert at Finder and mother of three:
“There’s a stark difference in the average amount of money saved up between men and women in Australia which is a major concern, especially during periods of economic uncertainty”.
“What’s upsetting is that we seem to be going backward with the gap in overall savings balance widening in recent times”.
“This means women are less likely to be able to handle an unexpected expense or have cash on hand for potential emergencies leaving them more vulnerable.
“Clearly, there is still a long way to go in so many areas. It’s not just about achieving pay equality, it’s also about overall workplace equality and pushing back on entrenched misogyny and sexism”.
“International Women’s Day is an important time to pause and reflect and appreciate and celebrate how far we’ve come. But there’s so much more to be done.
“The Workplace Gender Equality Agency (WGEA) shows the national gender pay gap is 14.1 percent”.
“Finder’s data also shows a huge difference in the average amount of savings between men and women.
“All of which points to the fact that the more we can educate and inspire women to actively participate in their finances, the better,” Megginson said
