According to new data from a major bank, Australian women outnumber men when it comes to setting a budget.
Thirty-nine percent of women and 33 percent of men set a budget, based on a February and March NAB survey of adults who asked how they manage their money.
Younger women, ages 18 to 29, were by far the most likely to set a budget, set up different bank accounts for specific purposes, and use the buy now, pay later schemes.
Men aged 18 to 29 were also the most likely of all male age groups to set a budget.
In general, however, men were also more likely to use credit cards, with those over 65 being the most likely to pay with plastic.
Camera IconYoung women ages 18 to 29 were by far the most likely to set a budget, the survey found. Credit: istock
Overall, more than a third of all Aussies (36 percent) reported having set a budget, 32 percent used credit cards, and 27 percent used bucketing, creating different bank accounts for other things.
Women were more likely than men to hoard their money, at 31 percent compared to 23 percent, to manage to spend.
Fourteen percent of all used Aussies buy now, pay later schemes, but it was most favored by women ages 18 to 29.
A fifth of adults admitted to using no tools to manage their money.
When it came to states and territories, the Canberrans were most likely to set a budget (47 percent), followed by Queenslanders (42 percent), Northern Territories (40 percent), and Western Australians (36 percent). Those from NSW were the least likely (32 percent).
The survey found that Camera IconMen aged 65 and older were more likely to pay with a credit card. Credit: istock
The inquiry came on Wednesday when new figures from the Australian Bureau of Statistics revealed that Australian workers’ wages were consistently higher than the price of groceries and other everyday items.
The numbers released before Saturday’s federal election showed wages rose 2.4 percent year-on-year, according to the March quarter’s national wage price index.
The index jumped from the 2.3 percent recorded in the last three months of 2021 but lagged behind inflation of 5.1 percent.
Wages rose by a lower-than-expected 0.7 percent from January to March this year.
New ABS data shows that camera Icon Wages continue to be surpassed by the cost of groceries and other everyday items. Credit: istock
NAB personal banking group executive Rachel Slade said small changes in spending and saving could significantly impact over a year.
“There are many options available to customers to help them stay in control of their money, whether it’s hoarding money, making accounts invisible, or creating a budget,” she said.
“We encourage customers to look at all the available resources and products and find the ones that suit them and their lifestyle.”
The NAB survey surveyed 2030 Australian adults in late February and early March 2022.
