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.
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by Gemma Maddock