Solo woman and more so solo mums have indicated that their lack of understanding financial matters has been their hardest challenge for improving after monetary impediment as stated by Galaxy Research for State Custodians Home Loans.
Galaxy Research questioned 1,005 persons in the country and queried how they would cope with financial problems such as being made redundant, family breakage, serious illnesses or death in the family.
Almost half of all single women (46%), and especially three in five solo mums (60%), admitted to not having sufficient knowledge about money to be able to comprehend what to do or where to get some help; and that would be their biggest issue to getting back on track with their finances or money-related housing problems.
Somewhat disturbingly, 37 % of single women and 46 % of solo mums confessed delaying for too long addressing their situation in the expectation that their financial state of affairs would “just somehow resolve itself on its own”.
The latest ANZ Survey of Adult Financial Literacy in Australia report exposed that women had inferior marks in general compared to men on financial understanding and expertise from 28 years old and beyond.
Joanna Pretty, General Manager at State Custodians Home Loans said her company frequently guided single women in problematic financial situations.
“Most women usually spend some proportion of their lives on their own – whether it’s by choice or circumstance,” she said. “Given that women are living longer lives, it is vital single women financially educate themselves in the event of a crisis. This also applies to women in a couple, who leave money matters up to their partner because they’re also at risk if they suddenly become single and don’t know how to handle finances.”
Here are some steps for women to empower themselves money wise:
In case of a financial “Crisis” happening:
1. Build up an emergency fund (about 3-6 months of savings to sustain yourself)
2. Live according to your resources. Write your crucial and non-crucial expenditures and be truthful regarding your actual and upcoming income ability. Only spend what you can afford.
3. Gain some financial instruction. Verify your superannuation; check your bank accounts for hidden fees; think of changing your mortgage to a lower rate and of seeing a financial planner to assist and guide you.