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Date Published : Friday, February 15, 2008
Women on low to average incomes are more susceptible to get rich quick financial schemes, new research has found.
A study by the Australian Unity Wellbeing Index found women were particularly susceptible to splashing out on money making schemes in the summer, due to the longer days and hotter temperatures.
However, the survey also found that many of these women were ending up with debt problems instead of reduced money worries due to the volatile nature of the investments in which they made.
Australian Unity head of financial planning Travers Stow said while women were more comfortable with seeking financial advice than men, it also meant the probability of getting bad advice from the wrong source increased.
"In Australia, people can now access no credit check loans, deferred loans and no deposit loans, just to name a few," he said.
"Unfortunately, a lot of these types of loans come with extraordinary interest rates, which make the repayments a major drain on people's hip pockets. The stress associated with this kind of debt can take a real toll on wellbeing.
"People should seek reputable, professional advice if re-evaluating their financial situation. Debt consolidation can be an effective strategy, but only when done correctly."
Debt consolidation can take a number of forms, including releasing home equity and taking of specific loans. Professional advice should be sought when carrying out any form of debt consolidation.
Compare loan deals.
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