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50% of Single Women Struggle With Financial Setbacks

New research has revealed that single women – and in particular single mothers – struggle with poor financial knowledge, which presents a barrier to recovering from financial setbacks and challenges.

According to a Galaxy Research survey conducted on behalf of State Custodians Home Loans, almost half of all single women (46 per cent) and three in five single mums (60 per cent) say that not knowing enough about money to understand what to do or who to turn to for help would be the biggest hindrance to getting back on track with their finances and money-related housing issues.

The survey, which quizzed 1,005 women nationwide on how financial difficulties would be handled following a stressful life event, also found that 37 per cent of single women, and 46 per cent of single mums, admit the tendency to wait too long to take effective action in the hope that any dire financial situation would “just resolve itself on its own”.

Further, 48 per cent of single mums acknowledged that poor advice from well-meaning friends and family could hinder financial recovery, even though many still choose to listen to their advice rather than seek out a professional.

Single mothers also said they feel financial institutions can be intimidating with 39 per cent highlighting that banks and other creditors have more “power” than consumers.

“I can understand if you’re a single woman, or a woman on your own with kids, how intimidating some institutions can feel,” Heart Mortgage Services Managing Director, Amanda Varidel commented. “You may feel like you’re just ‘a number’. That’s why I’d advise women to seek expert such as financial advice offered by Heart Financial Advisers. Seeing someone who they’re comfortable with and how they can help can make all the difference.


This information is current as at 13/03/17. This article has been prepared by Heart1Stop, a social media brand owned by Heart Mortgage Services and Heart Financial Advisers. The information contained in this article is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The views expressed here are not those of Heart1stop, Heart Mortgage Services, Heart Financial Advisers, shareholders, directors or staff and associated contractors and business associates. This article has been prepared without taking into account any person’s objectives, financial situation or needs. Because of this, you should, before acting on any information contained in this article, consider its appropriateness, having regard to your objectives, financial situation or needs. Any taxation information contained in this article is a general statement and should only be used as a guide. It does not constitute taxation advice and is based on current laws and their interpretation. Each individual’s situation may differ, and you should seek independent professional taxation advice on any taxation matters. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. It is not the intention of Heart1Stop or Heart Mortgage Services and Heart Financial Advisers that this publication be used as the primary source of readers’ information but as an adjunct to their own resources and training. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party of Heart1Stop or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties ("Third Parties") who are not related to Heart1Stop. These links are provided for convenience only and do not represent any endorsement or approval by us.

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