Smartphones empowering women to manage their own money

Women are three times more likely than their male peers to use a smartphone to do their online banking, a new report suggests. While technology has traditionally been considered a ‘male domain’, theWestpac Group’s latest study of 1500 Australians (1000 women and 500 men) revealed that women are embracing technology ahead of their male peers, with more women (11 percent) managing their finances using a smartphone than men (4 percent). “We, women, are very passionate about our money, and we want instant access to our financial information. So whatever device will get us that information quickly, we will use,” said Larke Riemer, Westpac Director of Women’s Markets. The research found that younger generations of women in particular are embracing the benefits of using  mobile technology, with 30 percent of women aged under 30 using a smartphone to do their banking compared with just 9 percent aged 30 and over. “It is great to see the younger generation of women rapidly adopting mobile technology to do their banking and socialise online. I’d like to see more women over 30 beginning to feel more comfortable in this space,” said Riemer. When asked how technology has impacted day-to-day life, some of the responses from women surveyed included easier access to information (86 percent), connecting with other people at any time (76 percent), saving time and/or money (75 percent) and managing finances more easily (75 percent). Of the women who thought technology has made managing their finances easier, 79 percent believed this was due to 24-hour access to their bank accounts via mobile technology. While this research reinforces that women are no longer restricted by their gender in the world of technology, the paradoxes of tradition still remain, with many people still making remarks that are reflective of stereotypical views of women. “There are a lot of people out there making remarks like  ‘women want to get access to credit cards so they can spend on shoes’, but the truth is, women want to see where their money is so they can make the best of their money. It isn’t about spending or maxing out on credit cards,” said Riemer. The emergence of online banking and mobile technology have provided women with the opportunity for empowerment and more importantly, to not feel restricted by their gender when it comes to dealing with money. “This research on women and technology is proving that today, no matter how women are choosing to live their lives, nothing is holding them back. The female economy in this world is powerful,” said Riemer. For more information on the findings of the study, visit Ruby Connection, Westpac’s interactive online community designed to inspire, educate, promote and connect Australian women.