Which gender is more financially proactive

Despite predicted interest rate rises and increasing living costs, Australia's largest independently-owned mortgage broker found more than half the country's female mortgage holders (51%) had no plans to make changes to their financial situation in 2011 or were unsure if they would*.

In comparison, more than three in every five (61%) male mortgage holders plan to make changes.

Mortgage Choice spokesperson Kristy Sheppard said, "It is concerning that our annual Consumer Sentiment Survey* found less than half of Australia's female property borrowers intend to make adjustments to their personal finances this year. Everyone with a large debt commitment should review, at the very least, that commitment and their budget every year."

"However, we were happy to see a more positive result than in the previous survey, where just over one third were going to review their finances over the following 12 months.

"Males continue to be the more financially proactive gender. 61% of those with home loans plan to make personal finance changes in 2011, which also represented a rise. Last year it was 45%."

This increased interest from both genders is reflected in Mortgage Choice's website statistics. When comparing January 2011 to January 2010, www.MortgageChoice.com.au has seen a 14% increase in unique visitors to its 'Tips and Checklists' section.

"Regularly reviewing and/or making adjustments to suit the ever-changing economic landscape and financial product markets are essential to maintaining a healthy household budget. It will also build your confidence in your ability to manage debt commitments," said Ms Sheppard.

"Passive borrowers, both male and female, who don't give their finances a health check at least once a year may be missing out on everyday and home loan savings. This means less cash flow for repaying debt quicker, capitalising on other investment opportunities and treating yourself."

Of the 49% of female and 61% of male mortgage holders planning personal finance changes in 2011, these were the most popular intentions:

*The Mortgage Choice 2010 Consumer Sentiment Survey of 1,061 Australians was commissioned to market research company Ticketek Insights and completed in early November, prior to the cash rate rise.

For further information or to arrange an interview, please contact:

Belinda Williamson                                                              
Mortgage Choice                                                          
(02) 8907 0472 or 0407 416 124            
belinda.williamson@mortgagechoice.com.au