It may be a popular myth that women are more involved in financial matters then men, but a recent study of which gender is more proactive with their finances found that it’s men who outdo their female counterparts.
When interviewed for this study, more than half of Western Australian female mortgage holders had no plans or weren’t entirely sure if their financial situations would undergo necessary changes in 2011.
Compared to 12 months ago, those figures have risen. In fact, 12 months ago only a third of women were reviewing their finances over the following 12 months.
However, the study found that more than three in every five males planned to make the necessary changes to their financial situations should the situation arise.
Males continued to be the more financially proactive gender. Last year, 45 per cent of males planned to make personal finance changes compared to 2011, which showed that number had increased to 61 per cent.
Both male and female borrowers who are neglecting to give their finances a health check at least once a year may be missing out on everyday and home loan savings, resulting in less cash flow for repaying a debt quicker, capitalising on other investment opportunities and treating yourself.
Of the 49 per cent of female and 61 per cent of male mortgage holders planning personal finance changes in 2011, these were the most popular intentions:
|Top 10 personal finance plans for 2011||Females||Males|
|Review my budget||66.2%||71.2%|
|Review my mortgage/s||60.9%||61.3%|
|Cut back on my spending||56.4%||49.7%|
|Pay off my credit card/s||45.1%||41.1%|
|Refinance my mortgage/s||35.3%||27.0%|
|Increase my debt repayments||22.1%||18.8%|
|Take out another mortgage||16.6%||20.3%|
|Top up my mortgage||19.0%||16.5%|
|Reduce my debt repayments||19.6%||12.0%|