A disturbing disparity has been revealed in new figures showing how wealthy the average Australian is when you add together savings, shares, home equity and pensions.
A July survey by Finder found the average Australian had about $36,298 in savings.
But when this figure was broken down by gender, it was found that the average Australian man has $50,479 in savings, while the average Australian woman has less than half that, at $22,091.
The study found that men saved more each month than women. The average man saved $809, and a woman saved $578.
A similar story unfolded with stock ownership and pension assets.
Australian men have almost twice as much money invested in shares, at $72,980, compared to $38,123 held by women.
The research found that the average Australian’s personal superannuation fund balance was $176,221, with men reporting an average of $240,613, compared to $113,359 for women.
“The fact that men have on average more than twice as much savings as women is a clear indication of deeper systemic inequalities,” said Sarah Megginson, a personal finance expert at Finder, who called the results “alarming.”
When savings figures were broken down by gender, it was found that while the average Australian man has $50,479 in cash savings, the average Australian woman has less than half that amount, at $22,091.
‘It’s not that men are simply better at saving. The difference has more to do with the financial and social obstacles that women face more often in their lives.’
A survey found that there is a more equal distribution between the sexes in the value each person places on home ownership.
Men’s home wealth averaged $486,940, compared to $484,979 for women.
An earlier survey by Finder, the Equal Pay Day Report, found that 23 percent of Australians, or around 4.8 million people, said they were not concerned about the gender pay gap.
The report also found that 23 percent of women say having a child would harm their earning capacity, compared to just six percent of men.
Ms Megginson advised Australian women to ‘really get to work’ to transform their finances.
“Small but simple habits you adopt now can make a big difference,” she said.
You may also consider making additional contributions to your pension fund or having your partner contribute additionally to your fund if he or she earns the highest income.
“Everything you do now helps prepare for the future.”
On a monthly basis, men saved more than women: the average man managed to put aside $809, while a woman saved $578.
Earlier this year, another survey by the financial products comparison group found that almost one in two Australians had less than $1,000 in the bank during a cost of living crisis.
A sample of 3,214 Australians from January to March found that 45 percent of consumers had saved less than $1,000.
The research also found that one in five Australians (4.2 million people) had nothing in the bank.