Does your perception of your partner’s spending habits stack up to reality?
Understanding each other’s spending habits might not be a bad idea, especially if you’re approaching retirement. A study published by Mortgage Choice (Mortgage Choice 2016 Money Survey) 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 actually 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 to the list, though they didn’t make the top three. 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