Westpac recently released the Women’s Deposits Survey show that 73.4% of women surveyed encourage their children to manage their own finances. The research also revealed that 3 in 4 women saving money each month and 47.4% of women saving over 5% of their monthly income.
Director of Women’s Markets at Westpac, Larke Riemer, says the research paints a positive picture of women taking control of their finances.
“It is also positive to see that women are saving more and educating their children to save more. We know that the earlier children develop good financial habits, the better they will be in the long run. It is important that women share their financial knowledge with younger generations to start them saving early, setting them up for the future,” Ms Riemer commented.

Other Key findings:
• Three in four mothers with children (76.9%) say that their children have their own bank account(s) for savings.
• The majority of women with children under 18 years old (85.0%) are involved in their children’s education about money.
• Only 16.8% of women rely to a large extent or completely on their partner for financial advice.
• More than half of women (53.4%) describe themselves as predominantly a saver with regards to their personal finances.
• 72.0% of women define themselves as good planners when it comes to future finances.
• 82.7% have a tendency to do a lot of research before purchasing anything seen as expensive.