You might take care of your body, but do you take care of your financial wellbeing? What does the term ‘financial fitness’ actually mean and are we taking it seriously?
New research by NGS Super targeting millennial women looked at this very topic; examining where our priorities lie and how we invest our energy on a day to day basis.
The report found that just over three quarters of millennial women admit financial independence is important to them. But 32 percent believe that managing personal finances for the long-term is not a priority.
Laura Wright, Chief Executive Officer at NGS Super believes that without a commitment to improving financial fitness now, this generation of Australian women is at risk of never achieving true financial independence and could run out of money in retirement.
“On average, women currently retire with $90,000 less than men,” Wright said in a statement. “With an average gender pay gap of 14 percent, the odds are stacked against them, which is why it is absolutely vital that millennial women start saving early and seriously consider how they can invest in their financial fitness.”
Where do our priorities lie? Well, according to the report, 60 percent of respondents invest in their physical fitness, spending a minimum of $400 on this over the past 12 months. How much is spent on upskilling and acquiring financial knowledge? $0.
“Without a real investment of time and money early on,” Wright adds, “many women will be left scrambling to achieve financial independence and a stable nest egg when it’s time to retire.”
Currently, the report shows only 25 percent of millennial women spend money to equip themselves with financial knowledge. Wright believes millennial women seek tools and advice to help them on the path to financial fitness and long-term independence.
The release of the report coincides with NGS’s launch of Fierce Females campaign; a program which aims to educate young women with information for a healthy financial future.