Macquarie says 74% of Aussie women control household budget
This week one of Australia’s leading financial institutions, Macquarie Bank has confirmed that 74% of Australian women control the household budget, with men trailing at 69%.
This is a mantra that I have been humming for several years now, as research from the US based Boston Consulting Group has revealed similar numbers. But despite this evidence, many Australian companies are ignoring these facts and continue to rely on advertising and marketing campaigns that are created by men for men.
These are the businesses who have boards and senior management made up solely of men and who actively nurture a monoculture. They are also the companies which are frantically watching their cashflows dry up as women desert their businesses and seek those which understand and meet their needs.
Macquarie’s research also states that where men and women share financial decision-making, it is far more common for women to be managing the budget, checking the bank balance and putting spare funds into savings – which suggests women take more responsibility for the day-to-day financial management.
‘Mood, Life & Money – Macquarie Insights’ is a comprehensive research study and investigation into Australians’ life and financial decision-making, as well as general mood and reasons for it. The study was conducted in September 2011 and involved a large-scale qualitative research program of 12 group discussions across the nation prior to a detailed online survey of 1,600 respondents.
Macquarie also found that three quarters of Australians rely on their spheres of influence (family and/or friends/colleagues etc) for initial discussions – compared to a low 45% who discuss life decisions with experts (including financial advisers, lawyers, accountants or other experts).
Translate this to the average female’s circle of influence of around 15 female friends, then you have an ever widening group that is just not listening to the male focused messages.
For any executive who wants to create a viable business based on present realities, this study should be vital reading.
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