Men vs women: who wears the financial pants?

Mortgage Choice survey reveals savings habits of both sexes in QLD

It is the age old question: which gender controls the household finances?

According to Mortgage Choice’s inaugural 2014 Money Survey, Queensland men and women are largely divided when it comes to answering this question and determining who manages the household finances.

Of the Queenslanders surveyed, 67.4% of males believe they control the finances in their household, while 75.7% of women believe they run the show – making it clear that each gender believes they are the primary decision maker in their household.

Mortgage Choice broker Darren Comerford said while it is impossible to say with any surety which gender actually controls the finances in Queensland households, it is clear men and women handle their finances in very different ways.

“Men tend to save a larger portion of their regular income, with 32.6% of Queensland males indicating they save between 16% and 30% of their monthly paycheck. By comparison, 49.5% of women save less than 15% of their regular income,” Darren said.

“Because of this, men tend to have more money in their savings account. Of the Queensland male respondents, 29.4% currently have more than $20,000 in their savings account, while just 25.2% of Queensland women have this much money in their account. On the flipside, more than 46% of women suggest they have less than $5,000 in their savings account in comparison to just 36.9% of males.”

But while Queensland men are seemingly better savers than their fairer counterparts, the survey found Queensland females keep better track of their finances.

“Of all the Queensland women surveyed, almost 60% say they track their day-to-day spending on a regular basis, reviewing their outgoings at least once a week. By comparison, a significantly smaller portion of Queensland men review their outgoings regularly, with 53.7% tracking their expenses on a weekly basis,” Darren said.

“Further, 85.6% of Queensland women said they knew exactly how much debt they currently have, in comparison to 81.1% of men.”

Putting the findings of the Survey aside, Darren said there is no right or wrong way for Australians to control their finances as long as they continue to successfully manage their debt.

“At the end of the day, it doesn’t matter how often you keep track of your day to day expenses, so long as you are on top of your financial situation, not outspending your means and putting money aside on a regular basis for a ‘rainy day’,” he said.

“If you would like more help managing your financial situation or would just like your money to work harder, it may pay to speak with a financial adviser.

“An adviser can help you create a financial strategy that is not only perfectly suited to your needs, but allows you to successfully manage your finances both now and into the future.”