According to 77% of women, this one thing will hold them back in 2018

Elizabeth Barry 16 December 2017 NEWS

woman

New research found a lack of money and their existing financial commitments as the biggest barrier to women.

Women have big dreams for the year ahead but are being held back by a lack of money as well as by home commitments, new research from peer-to-peer (P2P) lender SocietyOne has found. Of the women surveyed, over half (51%) had a dream holiday in mind, 31% wanted a luxury vehicle and 16% were working towards their ideal wedding.

However, the average Australian woman has only fulfilled 41% of what she's aspiring to do. So, what's holding Australian women back?

The main barrier, according to the research, was a gap in women's budgets for 77% of survey respondents. Existing commitments were a problem for 27% of women surveyed and a lack of time was identified as a hurdle by 15%.

SocietyOne spokesperson Maria Loyez said now is the time for women to review their finances ahead of the new year.

"Rather than seeing money as a barrier to overcome, women should see it as a tool to reach their goals," she said. "The first step is learning how to use it to hit some goals and avoid regrets later in life.”

Four in five Australians have at least one regret for not doing something in their life. Of the women that have at least one regret, 51% said theirs was travel. Specifically, not travelling more often or not having a big enough overseas holiday.

Debt can be a burden that affects everyday budgets and cash flow, and ultimately, your ability to fund things such as travel. If you have existing debt across credit cards or loans, Loyez says the interest and fees you're paying across separate accounts could be better put towards your goals.

"Consolidating your debt into a fixed-term personal loan, with lower interest rates than credit cards, can be a good option to reduce interest and allow you to plan ahead with manageable monthly payments."

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