A disturbing inequality has been revealed in new figures on how rich the average Australian is when adding up savings, stocks, home equity and superannuation funds.
In a Finder survey conducted in July, it was reported that the average Australian had around $36,298 in cash savings.
But when that figure was 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 figure, $22,091.
The survey found that men saved more than women on a monthly basis: the average man managed to save $809 compared to $578 for women.
A similar story emerged regarding stock holdings and retirement assets.
Australian men have almost twice as much money ($72,980) invested in stocks as women, who have $38,123.
And while the survey found the average Australian’s personal superannuation fund balance was $176,221, men reported an average figure of $240,613 compared to $113,359 for women.
“The fact that, on average, men have more than twice as much savings as women is a clear indication of deeper systemic inequalities,” said Sarah Megginson, personal finance expert at Finder, who found the results “alarming”.
When the savings figure was 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 figure, $22,091.
‘It’s not simply that men are better savers, the disparity has more to do with the financial and social obstacles that women are more likely to face throughout their lives.’
One survey result indicated a more even split between the sexes in the value each placed on homeownership.
Home equity for men averaged $486,940, compared to $484,979 for women.
A previous Finder study, the Equal Pay Day Report launched in partnership with UN Women Australia, found that 23 per cent of Australians, or around 4.8 million people, said they were not concerned about the gender pay gap in Australia.
The report also found that 23 percent of women said having a baby was detrimental to their earning capacity, compared with just six percent of men.
Ms Megginson advised Australian women to “really commit” to transforming their finances.
“Small but simple habits you adopt now can make a big difference,” she said.
‘You could also consider making additional contributions to your retirement fund or asking your partner to make additional contributions to your fund if he or she is the higher earner.
‘Any action you take now will help you prepare for the future.’
Men saved more than women on a monthly basis: the average man managed to save $809 compared to $578 for a woman.
Earlier this year, another survey by the financial product comparison group found that almost one in two Australians had less than $1,000 in the bank during a cost of living crisis.
The sample survey of 3,214 Australians between January and March found that 45 per cent of consumers had less than $1,000 in savings.
The survey also showed that one in five Australians, or 4.2 million people, had nothing in the bank.