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Understanding each other’s spending habits might not be a bad idea, especially if you’re approaching retirement.

 

A study published by Mortgage Choice found that in Australia men believe women are fixated on fashion and beauty, while women believe for men it’s sports, technology and alcohol. Though in reality this isn’t the case.

Australian women aren’t as image-obsessed as men would like you to believe. Data showed women prefer spending their money on socialising, entertainment, and a surprising 42% of women said purchasing home furnishings was their favourite thing to do.

While men were off the mark, so too were the women. Yes, alcohol and sports made it on the list, though it didn’t make the top 3. Surprisingly men and women’s priorities align very closely, with both lists including socialising and entertaining. The only difference for men is, replace home furnishings with electronics.

No matter what your preferences are it’s always good to keep track of your finances. Setting budgets now is good practice for when you plan to retire. This will help you work out what you’ll need to set yourself up for a comfortable lifestyle. If you don’t already have budget planner try the one at moneysmart.gov.au (https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/budget-planner)

No matter what stage of life you are at, we offer financial advice and solutions tailored to your needs. We’re always happy to help, so get in touch with Vision Super today.

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