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Young Women Prioritize Owing a Home Over Starting a Family

1 January, 2011

Young women prioritize owing a home over starting a family

Young Australian women are striking their bid for independence by making homeownership a far greater priority than starting a family.

The Homeownership Report from Westpac shows that around half of young women (aged 18-34) now identify owning their own home as their top priority.

This is over three times more than those who identified starting a family as their key priority (14%) and ten times more than those who identified marriage as their main aim (5%).

Young women are also outshining their male counterparts with a stronger grasp of personal finance knowledge.

Westpac’s report showed that women have a wider understanding of different mortgage types and are more focused on paying off their loans efficiently.

More than 80% of young women are familiar with variable rate loans and how they work, it said, compared to 60% of young men.

And half of young women are familiar with how offset accounts work, compared to just 39% of men.

Women are also proving pragmatic when it comes to the economic environment.

A sequence of cuts to the central cash rate since late 2011 has driven mortgage rates below 6%.

Around three-quarters of women (73%) are looking to take advantage of these lower mortgage rates to pay off their home loans more quickly, compared to 56% of men.

Gai McGrath, Westpac general manager of retail banking, said young women were proving their determination when it came to building their financial security from a young age.

“It seems it is only once they are comfortable with their financial position that they are ready to look at other lifetime priorities,” she added.

Keith McDonald
Which4U Editor

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