Women take control of finances

Financial Standard, Tuesday, 10 February 2009 12:20pm
Women are more likely to use a financial planner, own investment property and trust the past performance of investment strategies than men, new RaboPlus research found.The study, undertaken by Rabobank's online banking division, found women are 20 per cent more likely to use a financial planner or consultant than men. Also, women generally would rather consult an accountant, financial advisor or family friend than rely on the internet for information, whereas men a more inclined to use the internet as a primary source of information.Investment property is favoured more by women, with the study finding 54 per cent of females are more prone to own investment property compared to only 46 per cent of men.Past performance is more important among women, 57 per cent of women said they placed more trust in past returns and seek a safe expected rate of return compared to 41 per cent of men.Self managed super funds (SMSF) are also a preferred super vehicle among women, with women aged between 40 to 59 more likely to have an SMSF than men. "The study shows women are looking to take more control of their investment , particularly women aged over 40 years who are more likely than men to own a [SMSF]," said Tim Hewson, RaboPlus senior manager investments and managed funds."They also appear to be more strategic in their investment approach than men, seek associated tax benefits and want a full understanding of an investment before investing."The study asked 213 women and 289 men with more than $150,000 in personal savings their point of view late last year.
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