Aussie women more likely to budget than men, NAB survey reveals

Aussie women trump men when it comes to setting a budget, according to new data from a major bank.

Thirty-nine per cent of women and 33 per cent of men set a budget, based on a NAB survey in February and March of adults asking how they managed their money.
Younger women, aged 18 to 29, were by far the most likely to set a budget, set up different bank accounts for specific purposes and use buy now, pay later schemes.
Men in the 18 to 29 years range were also the most likely of all male age groups to set a budget.
However, men overall were also more likely to use credit cards, with those aged 65 and over most likely to pay with plastic.
Overall, more than a third of all Aussies (36 per cent), reported setting a budget, 32 per cent used credit cards and 27 per cent used bucketing, a process of setting up different bank accounts for different things.
Women were more likely than men to bucket their money, with 31 per cent compared with 23 per cent, in a bid to manage spending.
Fourteen per cent of all Aussies used buy now, pay later schemes, but it was most favoured by women aged 18 to 29.
A fifth of adults surveyed admitted not using any tools at all to manage their cash.
When it came to states and territories, Canberrans were most likely to set a budget (47 per cent), followed by Queenslanders (42 per cent), Northern Territorians (40 per cent) and West Australians (36 per cent). Those from NSW were least likely (32 per cent).
The research came as new Australian Bureau of Statistics figures on Wednesday revealed that Australian workers’ wages continued to be outpaced by the price of groceries and other everyday items.
The figures, released in the lead-up to Saturday’s federal election, showed wages grew at an annual rate of 2.4 per cent, according to the nation’s wage price index from the March quarter.
The index jumped from the 2.3 per cent recorded during the final three months of 2021 but continued to trail the inflation rate of 5.1 per cent.
Wages rose by a lower than expected 0.7 per cent from January to March this year.
NAB personal banking group executive Rachel Slade said small changes to spending and saving could make a big impact over a year.
“There are many options available to customers to help them stay in control of their money, whether that be bucketing funds, making accounts invisible or creating a budget,” she said.
“We encourage customers to look at all the resources and products available to them and find the ones that suit them and their lifestyle.”
The NAB survey questioned about 2030 Australian adults in late February and early March 2022.

Leave a Reply

Your email address will not be published. Required fields are marked *