PHOTO: The gender property gap
CoreLogic research has revealed a disparity in property ownership rates between the sexes. The research suggests that women are less likely than men to own property, which can impact their overall financial wellbeing and their ability to afford a comfortable retirement. So what factors cause this gender property gap, and how can women prepare for a better financial future?
Studies repeatedly show that achieving financial wellbeing is one of the keys to female empowerment. As well as improving the lives of individual women, it also has wide-reaching benefits for society and the economy. Yet even in relatively wealthy countries like Australia and New Zealand, women still haven’t reached financial equality with men.
Property ownership is a major contributor to household wealth, and the residential housing market is valued at $7.9 trillion in Australia and more than $1.3 trillion in New Zealand. CoreLogic’s recent whitepaper, Women and Property: State of Play, examines how women and men in both countries engage with the property market. The research shows how property ownership rates are contributing to a broader wealth gap, which can have significant implications for women well into retirement.
Breaking down the gender property ownership gap
Shared property ownership between a man and a woman is the most common ownership structure in both Australia and New Zealand. However, when comparing either solo or joint property ownership rates, women tend to lag behind men across the board.
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