Kiwi women are proving to be more financially literate than men, despite often underestimating their own abilities, according to the Financial Services Council’s Insights & Trends: Women and Finance in New Zealand report.
The council says its research shows that 66% of women correctly answered three or more financial literacy questions, compared to 57% of men “…demonstrating a strong understanding of key financial concepts such as investment strategies and risk diversification.”
“However, the findings also reveal a persistent confidence gap, with many women perceiving themselves as less knowledgeable about financial matters.” (Also see: Why Women Retire with Less than Men).
…Women are more likely to seek professional financial advice, with 78% either considering or already receiving financial guidance…
The FSC says key findings in the report are:
- Women demonstrate higher financial literacy than men but are less confident in their financial decision-making
- Despite their financial capability, over 80% of women rate their financial wellbeing as moderate, low, or very low
- Women are more likely to seek professional financial advice, with 78% either considering or already receiving financial guidance
- The gender pay gap and career interruptions contribute to lower lifetime earnings and a 25% gap in retirement savings between men and women in KiwiSaver
The report also found that while women tend to invest more cautiously, they often achieve better long-term results due to their measured approach and focus on financial security.
“The data is clear – women are better investors than they think they are,” says Kirk Hope, CEO of the FSC.
“We need to shift the narrative from perceived lack of confidence to recognising women’s strengths in financial decision-making.”
The FSC says it continues to advocate for financial empowerment initiatives, with FSC’s Empower Women leading efforts to close the gender retirement gap and support financial confidence and wellbeing.
Click here for the full report.
