WOMEN using digital financial advice on the Decimal platform now have higher average superannuation balances than men, according to the latest Digital Insights report from Decimal Software.
In its latest report for the quarter to the end of September, Decimal found women had an average balance of $214,320 compared to $214,286 for men.
Decimal CEO Nic Pollock said that while the difference was minimal, it was a significant indicator that digital financial advice was helping to eliminate the gender gap traditionally associated with personal finance and superannuation.
“Digital advice is certainly proving to be a great equaliser when it comes to financial advice,” Mr Pollock said.
“In the 12 months since Decimal started collecting and analysing data for our Digital Insights reports, we’ve seen steady and rapid growth both in the overall number of women using digital advice and in their level of assets under advice.”
Other key findings from the report include:
- 20 per cent growth in females’ activity
- 9 per cent growth in males’ activity
- 47 per cent of all users are now female
- Average female balance $214,320; average male balance $214,286
- 53 per cent overall growth in funds under advice more than 12 months to 30 September 17 for a total $9b
Commenting on the findings, Decimal’s Non-Executive Director Pauline Vamos said, “There has been much in the public domain lately around gender imbalance with retirement savings and digital advice is clearly something busy women are switching onto to address this. Digital advice means they access it anytime on any device. Thirty-five percent of our users are logging in outside of financial planning hours.”
Decimal partners with banks, superannuation funds and fund administrators to provide digital advice to their customers. It is currently the only bank-grade, fully compliant, transparent digital advice solution available to consumers via their existing superannuation providers.
“Our intention remains the same; that the Digital Insights reports will provide valuable demographic and behavioural data that can be used by financial service providers to influence marketing and provide more meaningful advice to customers,” Mr Pollock said.
Go to eqilize.com.au/resources to download the full report.