Women not saving for a 'rainy day' (PDF 36kB)
ANZ today unveiled research showing 56 per cent of women do not save money on a regular basis, while more than half said they would last less than three months on their current savings if they lost their job.
Following the survey results, ANZ today launched a national campaign – FebuSave - to encourage women to develop a regular savings habit.
The Women and Money Confidence research, commissioned by ANZ1, also found:
• 58 per cent of women have less than $5,000 in savings and 33 per cent have less than $1,000;
• 56 per cent of Australian women do not save money on a regular basis, with one in five surveyed admitting they typically spend all their monthly pay packet or regularly dip into savings for living expenses;
• 29 per cent of women are discussing financial matters with friends and family more often than they did 12 months ago.
ANZ Head of Customer Marketing, Carolyn Bendall said ‘FebuSave’ is aimed at raising awareness of these issues in the community by encouraging Australian women to set financial goals and take action towards achieving them.
“About 45 per cent of women said they have saved less than they hoped in the past 12 months and more than half still don’t have a plan in place to achieve their financial goals.
“While we have seen an increase in the number of women talking about money compared to last year, most likely as a result of heightened awareness of the global economic downturn, it’s clear this has not necessarily translated into action,” Ms Bendall said.
Ms Bendall said anyone could participate in FebuSave, including non-ANZ customers, and encouraged people to register for FebuSave at www.bemoneyconfident.com/FebuSave.
To participate in FebuSave, people just need to set a savings goal for February and commit to cutting back on ‘unnecessary’ spending for the month by only spending money on essential items such as general household bills, rent and mortgage repayments.
Women can visit the FebuSave website for savings tips from financial experts and track the progress of celebrity ‘FebuSavers’.
“At the end of the month FebuSave participants will report back online on whether they achieved their savings goal and as an added incentive three ‘FebuSavers’ will receive a $5,000 ANZ savings account of their choice,” Ms Bendall said.