Survey Shows Women Prioritise Savings, Property and Debt Management For 2016 Financial Goals
Announcement posted by 10thousandgirl 11 Jan 2016
~ 10thousandgirl and Vasudhara Foundation partner to offer subsidised money makeover scholarships ~
Sydney, January 11 2016 – A new survey conducted by female-focused not-for-profit 10thousandgirl (10TG), shows encouragingly that women are thinking about the bigger financial picture for 2016 and beyond, but lack the discipline and skills to start the financial journey.
Sixty-three per cent of respondents said that they set financial goals for the New Year however 60% went on to say they don’t actually create a budget for the year ahead.
When asked what held them back from pursuing their financial goals, almost two thirds (63%) put discipline at number one, knowledge at number two with 43%, and skills third, with 42%.
Prudence rules as a priority among Aussie women, with 56% citing ‘general savings’ at the top of the list of financial goals, while specific ‘event saving’ (e.g. weddings, babies) at the bottom with just four per cent. Debt management / reduction comes in as the second most significant topic, with nearly 50% claiming it is a priority.
Property financial goals are a focus also for these women; more than one third has a goal relating to the home, either saving for a deposit or buying an investment property. Travel also features highly with nearly one third indicating an overseas stint is a focus of their financial goals.
“It’s all very well to have ambitions, but you need a strategy to get there – be it knowledge, discipline or practical support, and that’s what the 10thousandgirl initiative is all about,” said Zoe Lamont, Founder of 10thousandgirl. “Women have moved from thinking tactically to a more strategic review of their circumstances, and that’s wonderful but we still feel there’s more to learn, and certainly some discipline to introduce.
When asked if they feel financially ahead or behind compared to last year, respondents were equally divided at 50% ahead, and 50% behind.
To support young women achieve their goals, not-for-profits The Vasudhara Foundation and 10thousandgirl have partnered to subsidise up to 200 women across Australia to complete 10thousandgirl’s online 6 Step Money Makeover program with the aim to:
- improve financial literacy among women in Australia
- empower women through the financial skills and knowledge obtained from 10TG’s online 6 Step Money Makeover program
- support women who may be experiencing challenging situations, whether in debt, getting themselves back on their feet after exiting a relationship, or newly arrived migrants.
“The survey highlighted the need for people to tangibly set a budget to support their goals, given that one can support the other. Especially given nearly half said they were focusing on debt management/reduction - our spending plan tools can really help focus these efforts and we encourage people to apply for this heavily subsidised Money Makeover Program. The achievements we see just months later of those who have completed it, are really quite phenomenal,” she added.
For more information, please visit www.10thousandgirl.com. To register for the Money Makeover Program, please visit www.10thousandgirl.com/scholarship
About 10thousandgirl
10thousandgirl is a not-for-profit financial wellbeing organisation striving to break down societal barriers for women, close the financial gender inequality gap and offer women easy access to expert financial information. Started by a group of women in a Sydney pub in 2009, who realised the importance of understanding finance basics and planning, so they could realise their dreams. Their vision gained momentum. In March 2011, a board of directors was established, and the initiative today provides financial education to thousands of women across Australia every year. 10thousandgirl has attracted national and global recognition in their bid to contribute to increasing women’s financial wellbeing and economic health. To learn more please visit the 10thousandgirl website, and join the #10tg #BetterMoney social media conversation on Twitter, Facebook, Instagram, YouTube and Pinterest.
About Vasudhara Foundation
The Vasudhara Foundation supports early-stage, innovative and creative social impact projects. The Foundation has a broad range of interests including the empowerment of women and projects that promote financial literacy.
Sixty-three per cent of respondents said that they set financial goals for the New Year however 60% went on to say they don’t actually create a budget for the year ahead.
When asked what held them back from pursuing their financial goals, almost two thirds (63%) put discipline at number one, knowledge at number two with 43%, and skills third, with 42%.
Prudence rules as a priority among Aussie women, with 56% citing ‘general savings’ at the top of the list of financial goals, while specific ‘event saving’ (e.g. weddings, babies) at the bottom with just four per cent. Debt management / reduction comes in as the second most significant topic, with nearly 50% claiming it is a priority.
Property financial goals are a focus also for these women; more than one third has a goal relating to the home, either saving for a deposit or buying an investment property. Travel also features highly with nearly one third indicating an overseas stint is a focus of their financial goals.
“It’s all very well to have ambitions, but you need a strategy to get there – be it knowledge, discipline or practical support, and that’s what the 10thousandgirl initiative is all about,” said Zoe Lamont, Founder of 10thousandgirl. “Women have moved from thinking tactically to a more strategic review of their circumstances, and that’s wonderful but we still feel there’s more to learn, and certainly some discipline to introduce.
When asked if they feel financially ahead or behind compared to last year, respondents were equally divided at 50% ahead, and 50% behind.
To support young women achieve their goals, not-for-profits The Vasudhara Foundation and 10thousandgirl have partnered to subsidise up to 200 women across Australia to complete 10thousandgirl’s online 6 Step Money Makeover program with the aim to:
- improve financial literacy among women in Australia
- empower women through the financial skills and knowledge obtained from 10TG’s online 6 Step Money Makeover program
- support women who may be experiencing challenging situations, whether in debt, getting themselves back on their feet after exiting a relationship, or newly arrived migrants.
“The survey highlighted the need for people to tangibly set a budget to support their goals, given that one can support the other. Especially given nearly half said they were focusing on debt management/reduction - our spending plan tools can really help focus these efforts and we encourage people to apply for this heavily subsidised Money Makeover Program. The achievements we see just months later of those who have completed it, are really quite phenomenal,” she added.
For more information, please visit www.10thousandgirl.com. To register for the Money Makeover Program, please visit www.10thousandgirl.com/scholarship
About 10thousandgirl
10thousandgirl is a not-for-profit financial wellbeing organisation striving to break down societal barriers for women, close the financial gender inequality gap and offer women easy access to expert financial information. Started by a group of women in a Sydney pub in 2009, who realised the importance of understanding finance basics and planning, so they could realise their dreams. Their vision gained momentum. In March 2011, a board of directors was established, and the initiative today provides financial education to thousands of women across Australia every year. 10thousandgirl has attracted national and global recognition in their bid to contribute to increasing women’s financial wellbeing and economic health. To learn more please visit the 10thousandgirl website, and join the #10tg #BetterMoney social media conversation on Twitter, Facebook, Instagram, YouTube and Pinterest.
About Vasudhara Foundation
The Vasudhara Foundation supports early-stage, innovative and creative social impact projects. The Foundation has a broad range of interests including the empowerment of women and projects that promote financial literacy.