According to new data from a major bank, Australian women are superior to men when it comes to budgeting.
Thirty-nine percent of women and 33 percent of men set their budgets based on the NAB survey in February and March of adults who asked how they manage their money.
Young women between the ages of 18 and 29 were, of course, more likely to create a budget, open different bank accounts for specific purposes, and use “Buy Now, Pay Later” schemes.
Men between the ages of 18 and 29 were also the most likely budgets of all age groups.
However, in general, men were also more likely to use credit cards, and people over the age of 65 were more likely to pay with plastic.
Overall, more than a third of all Australians (36 per cent) reported setting a budget, 32 per cent used credit cards and 27 per cent used bucketing, the process of setting up different bank accounts for different things.
Women used their money more often than men: 31 percent compared to 23 percent trying to manage spending.
Fourteen percent of all Australians used purchase schemes now, pay later, but most preferred women between the ages of 18 and 29.
A fifth of the adults surveyed admitted that they do not use any tools to manage their money.
For states and territories, the budget is most likely to be set by Canberians (47 percent), followed by Queensland residents (42 percent), northern territories (40 percent) and Western Australians (36 percent). Those from New Wales were the least likely (32 percent).
The study came on Wednesday as new data from Statistics Australia revealed that the wages of Australian workers continued to outpace prices for food and other household items.
Figures released ahead of Saturday’s federal election show wages rose 2.4 percent year on year, according to the national wage price index for the March quarter.
The index jumped from 2.3 percent recorded in the last three months of 2021, but continued to lag behind inflation at 5.1 percent.
From January to March this year, wages rose by 0.7 percent lower than expected.
Rachel Slade, head of NAB’s personal banking group, said small changes in costs and savings could have a big impact over the course of the year.
“Customers have many options available to help them stay in control of their money, whether it’s buying money, making accounts invisible or creating a budget,” she said.
“We encourage customers to look at all the resources and products available to them and find the ones that suit them and their lifestyle.”
The NAB survey surveyed about 2030 adult Australians in late February and early March 2022.