Women Are Not Saving For ‘Rainy Days’

Recent research has unveiled that most Australian women (56 percent) don’t believe in saving money for rainy days.

Even scarier than that is the fact that over 50 percent of those surveyed stated they wouldn’t last three months if they’d lose their job.

FebuSave – ANZ’s initiative to help women save money:

ANZ’s new initiative titled FebuSave is designed to encourage more women to save and learn about money management techniques.

If you look at the following statistics I think you would agree in saying it’s about time too:

• 58 per cent of the women surveyed have less than $5,000 in savings
• 33 per cent have less than $1,000;
• 56 per cent of Australian women do not save money on a regular basis,
• one in five surveyed admitting they typically spend all their monthly pay packet or regularly dip into savings for living expenses;
• 29 per cent of women are discussing financial matters with friends and family more often than they did 12 months ago.

Carolyn Bendall, ANZ Head of Customer Marketing said ‘FebuSave’ is aimed at raising awareness of these issues in the community by encouraging Australian women to set financial goals and take action towards achieving them. She said: “About 45 per cent of women said they have saved less than they hoped in the past 12 months and more than half still don’t have a plan in place to achieve their financial goals.”

‘While we have seen an increase in the number of women talking about money compared to last year, most likely as a result of heightened awareness of the global economic downturn, it’s clear this has not necessarily translated into action.’

Ms Bendall also stated that anyone could take part in the FebuSave campaign, including non-ANZ customers.

If you are interested to know more you can register at www.bemoneyconfident.com/febusave.

Two steps to commit to FebuSave:

To take part in this money saving initiative from ANZ you need to do two things:

1. Set yourself a savings goal for February and
2. commit to cut back your unnecessary spending.

Once the month is over participants will need to report about their progress online. If you are in luck, three FebuSave participants can win $5,000 which will get deposited into their ANZ savings account of choice.

Source: ANZ

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