More than four out of five women rate their financial wellbeing as moderate to very low, according to the latest Financial Services Council report.
Photo: 123rf
In addition, the latest Money and You research by the Financial Services Council (FSC) indicates more than 70 percent felt financial wellbeing influenced their overall wellbeing.
"This report is the first time we've shone a light on gender and financial wellbeing in New Zealand, following the recent launch of the FSC's Diversity and Inclusion initiative," FSC chief executive Richard Klipin said.
The key findings from the research report:
- 1. More than 60 percent of women worry about money daily, weekly or monthly.
- 2. 62 percent of women don't feel prepared for retirement, however money worries decrease with age.
- 3. More than 80 percent of women rate their financial wellbeing moderate, low or very low.
- 4. 60 percent of women rate their investing literacy low.
- 5. 32.4 percent of women use or plan to use micro-investing platforms.
Klipin said the key findings offered a starting point to delve deeper and drive further action over the next year.
"While we know there are many barriers facing women that men do not experience, such as the gender pay gap, lower retirement preparedness and ... time out of the workforce, this report also highlights some encouraging trends," he said.
"These include that women have been keen adopters of digital financial services tools, that the older women get, the less they worry about money, and the less financial wellbeing impacts their overall wellbeing, and that women are more likely to seek ethical investment options than men."