What if we told you Australian women were often better at making money decisions than men, but suffer from bouts of buyer remorse – perhaps due to that mounting rarely-used shoe collection!
The data reflects what many of us already know and that’s that the majority of consumer purchases in Australia are targeted at and made by women, perhaps giving some women a little more confidence with their shopping dollars.
So how do you compare?
The new study titled Decision Drivers Report found that 68.5 per cent of women are more likely than men 58.9 per cent to make an independent decision when buying a phone or computer.
When it comes to being indecisive, buying dinner causes women more fuss than men. About 32 per cent of women said they struggle more than men (25 per cent) when making a decision on what to have for dinner.
Is this because as women, we’re often asking everyone else what they’d like to eat first, whereas men are just better at cutting to the chase?
The data also found that men tended to struggle more than women when deciding on which suburb to live in 24 per cent versus 19 per cent.
Overall, the study found women were slightly better decision makers than men, however both men and women overwhelmingly claimed there was no difference between the genders on which was the better financial decision maker.
“It is promising to see that less than 1 in 10 Australians feel out of control with regards to their finances with more than half (51.5 per cent) putting a budget in place to purchase large ticket items,” said Senior Sales Manager and Choosi spokesperson Katrina Foster.
“Whilst 54 per cent of people would either put a budget in place (29.2 per cent) or walk away (24.8 per cent) from making a small purchase if they didn’t have the savings available,” said Ms Foster.
The data also revealed that 50 per cent of Australians are less rational with their spending and more frivolous when they are on holidays, whereas almost a third make more impulsive purchasing decisions whilst food shopping when they are hungry.
Furthermore, the data revealed Australians are also less cautious with their spending when spoiling their children 24 per cent and shopping online 21 per cent.
Whilst it is clear emotions have a strong impact on decision making, almost half of Australians 41 per cent admit that buying with their hearts instead of their heads is a key factor contributing to buyer’s remorse.
One in three Australians 29 per cent say they have made a large purchasing decision that they have come to regret.
Whilst another two in three Australians, 70 per cent, have bought things that they have never used. (Just don’t look at my shoe collection!)
In this video Sugar Mamma TV’s Canna Campbell gives us her tips for spending wisely on clothes and creating the ultimate waredrobe.