Women are dreaming big for 2018 but research suggest they’re more likely to let things get in the way of hitting their money goals.
According to a survey by SocietyOne, money is the biggest barrier to women achieving their dreams with 77 per cent of respondents saying a gap in their budgets will hold them back while 27 per cent said existing commitments and 15 per cent cited a lack of time as their other main hurdles.
More than one in ten women say they don’t have the right person to fulfil their dream with, possibly for those wanting to go on a dream holiday.
As a result, the average Australian woman has only fulfilled 41 per cent of their dreams, with some of the biggest being home-related at 55 per cent, a dream holiday 51 per cent, a luxury vehicle 31 per cent and an ideal wedding 16 per cent according to the findings of the survey commissioned by SocietyOne, Australia’s leading consumer marketplace lender.
One in five women also aspire to furthering their education or a career change.
Maria Loyez, SocietyOne’s spokesperson, said now was the time for women to start reviewing their finances, so that they could make their money work for them in the New Year.
“As the year winds down and we start thinking about all the things that we want to make happen in 2018 it can get overwhelming, particularly when we put a dollar figure on this. But rather than seeing money as a barrier to overcome, women should see it as a tool to reach their goals. The first step is learning how to use it to hit some goals and avoid regrets later in life.”
Four in five Australians already have at least one thing that they regret not doing in life.
Of those women who have at least one thing they regret, over half say it is not travelling more often or having a big overseas holiday.
“A holiday is just one example of a dream that is achievable with the right plan,” said Ms Loyez.
Other common regrets among women are not enjoying the small moments in life, including not doing more fun things with the family (32%) or spending more time on their hobbies and interests.
“It isn’t surprising that women are more likely to be held back by money given the unique challenges we face, such as taking time out of the workforce to raise a family which can have a huge financial impact in the short term, as well as long term effects on superannuation. Lifestyle creep is also a risk factor for many.
“It’s time for women to be bold and ensure their financial plan includes their dreams. Whether it’s a girls’ weekend, doing a business course or buying a home, start with a budget and make 2018 your year.
“If you have multiple credit cards or loans, this can cost you hundreds or thousands of dollars in interest which could be better used 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.”
Around 12 per cent of women are held back from fulfilling their dreams because they don’t have the right person to do it with, while 20 per cent of women dream about further education or a career change 51 per cent of women regret not travelling more often or having an overseas holiday.