Most women like spending, spending, spending

THE push to improve financial literacy may have missed one of itsmain targets - women. A survey shows one-third of femalerespondents have no savings.

The Australian Women's Health magazine survey of 1320 women acrossAustralia found 33 per cent had no savings and 43 per cent had lessthan $1000.

Goldsborough Financial Services financial planner Brenton Miegelwas not surprised.

"I suspect it wouldn't be just women. If they were to surveymen, you would find the same proportion wouldn't have savings,'' hesaid.

"We are in very much a consumer-driven society where we tendto spend pretty much all we earn, therefore we are in a position ofnot being able to save or we choose not to save.''

Tammy Lee, a regional manager at women's clothing store Dotti, saidmen and women had a different attitude to spending. "Fashionis fast and moves quickly,'' she said.

"Men are more likely to spend on one good suit they will weara lot, while women will spend on seven suits of the latest fashionand the Women's Fashion Shoes and handbag to match.''

The stereotype of women not being "good with money'' often isfaulted for a lack of evidence.

Women tend to be responsible for household finances and regularpurchasing decisions while men are more often afflicted withgambling addictions.

About Finance director Karen Bruce said: "Women look after thefinances but they are still spending it on things they can'tafford. They manage finances but they are not managing themproperly.''

The results also reflect changes over time. While the averagesuperannuation payout for women is about $45,000, this average isincreasing with the introduction of mandatory superannuation.

The survey found about 11 per cent of respondents said they hadsaved enough for a house deposit.

Mr Miegel said the figure seemed too high. It means 11 per centhave accumulated an average . . . of 10 per cent deposit, about$30,000 in Adelaide. That is a lot of money,'' he said.