If you believe a recent article in The Age you would be alarmed to find out that women in Australia are missing out on saving for a house deposit because they are spending all their money on shoes.
A UK study has found that women in the UK spend on average $200 per pay on shoes, The Age article then goes on to calculate that this expenditure adds up to $57,800 over a lifetime (10% of the average price of a first home in Australia). It’s just another study potentially created for a specific purpose and reported for a totally different one. And it is the quantum leap that the article makes that is concerning — identifying one typically “female” expense and equating it to being the reason women do not own property.
Why not say that $200 spent per pay for men and women on drinking or dining out is what is stopping them from purchasing a home? Where in the study does it identify the proportion of women who spend that amount on shoes who don’t own property? What have shoes got to do with owning property?
In my experience women are great at making financial decisions and planning for the future. I have found this amongst our clients (even before they became clients) and in various networks, professional and social. There are many bodies of research that demonstrate that women are better than men at making financial decisions and budgeting. Further why equate a woman’s success in life to whether she owns a property or not.
The everyday reality is that many females and males are poor at saving, budgeting, investing and achieving financial stability. Some identify it as an issue and seek advice or assistance, others continue along pay packet to pay packet, happy in their life. Not being able to save a deposit for a home is not a female issue. It is disconcerting to see a stereotype used to make it one.
In Australia we continually judge young people’s success on their ability to purchase a home. Success should be defined by the ability to set life goals and put in place strategy to achieve them, not your ability to take on a huge mortgage. If purchasing a property is one of those goals, that is great. If not then there are many other roads to success and accumulating wealth. Personally though, I’m over the women and shoes lines.
Disclaimer: This article is of a general nature and should be used for informational and educational interest purposes only. Please seek professional advice before making any decisions in relation to your own personal circumstances.