8 Australian Women Reveal Their Biggest Financial Worry

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Talking about money can be uncomfortable. And in the era of Instagram highlights and TikTok vlogs, it can often seem like everyone is making bank and has their financial sitch together.

In reality, Australia’s housing crisis continues to lock people out and inflation is making the cost of living skyrocket. Data from the ABS shows that the Consumer Price Index (i.e. the average price paid by consumers for a ‘market basket’ of consumer goods and services) rose 2.1 per cent in the March 2022 quarter and 5.1 per cent annually, making it the largest annual and quarterly rise in Australia in two decades.

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Basically, things are feeling pretty grim and your wallet may also be feeling the pinch. One thing to remember however, is that you’re not alone. If you’re worrying about money, chances are a large percentage of your friends and family are too. And while we can’t control the economy, we can control our budget. Money apps are a great way to see what’s going in and out of your account and total how much you’ve spent on things like going out, shopping, and subscriptions.

To learn more about Australia’s financial health, Refinery29 Australia asked eight women what their biggest money worry is. After all, opening up about what’s bothering you is the first step to tackling your problems.

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"I want to find the happy medium, but I just don't know where that is yet!"

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Lola, she/her, 26, NSW

What do you worry about the most when it comes to money?

I worry the most about finding the balance between saving and spending. When I spend money on non-essentials I am torn between living my life (and enjoying the money I have worked to earn) and saving as much as possible.

Why do you think this may be?

It's because I really don't know how much 'treating' myself is okay. There's probably no right answer. I know some people who save over half of their pay check, and others who spend it all every month. I want to find the happy medium, but I just don't know where that is yet!

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"My future depends a lot on inheritance or marrying wealthy."

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Ally, she/they, 29, NSW

What do you worry about the most when it comes to money?

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I'm always worried that I don't have enough savings. I only started saving seriously about two years ago. Before that, I was living paycheque-to-paycheque. I know I'm behind a lot of people my age, especially those who are buying property and actually have assets.

It's grim, but my future depends a lot on inheritance or marrying wealthy. Otherwise, I don't know how I'm realistically going to be able to do this whole life thing single.

Why do you think this may be?

I've always been a spender. I didn't have a lot growing up, so when I finally got an income, I had the freedom to buy things that I never had access to growing up.

I feel like the hardest thing to do is start saving, though. Now that I have a bit of a bank built up, I'm proud of myself and what I've achieved. I don't want it to go down, and I'm enjoying the feeling of not stressing about money. When I only had $1,000 in the bank, I would just spend it on things that would give me an instant dopamine hit as it was better than looking at my depressing savings numbers.

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"It feels like all of the best spots have been snapped up as boomer's third or fourth investment properties."

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Linley, she/her, 24, NSW

What do you worry about the most when it comes to money?

I'm worried that I'm never going to afford to own property in the suburbs I want to live in long term. I don't want a house-and-land package in the middle of nowhere, but that's becoming the only choice for millennials without family wealth.

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Why do you think this may be?

Younger people have been pushed out of the property market. It feels like all of the best spots have been snapped up as boomers' third or fourth investment properties. The rich get richer, while everyone else is struggling for a seat at the table.

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"I see the homelessness stats about older women and they terrify me."

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Mariam, she/her, 38, NSW

What do you worry about the most when it comes to money?

I worry about never being able to afford to buy a place in Sydney, and having to work when I'm 70 to be able to make rent.

Why do you think this may be?

I see the homelessness stats about older women and they terrify me. I'm on a decent salary too, so I worry about people that aren't!

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"I think growing up poor and seeing the impact that financial burdens had on my parents."

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Kitch, she/her, 26, Vic

What do you worry about the most when it comes to money?

I always stress about ending up with no savings. It’s a huge anxiety I’ve always had and has made me save money but not enjoy spending it. That sounds like a good thing but it’s a constant dread that something bad might happen and I’ll need money to fix the problem.

Why do you think this may be?

I think growing up poor and seeing the impact that financial burdens had on my parents. I am a pretty risk adverse person so wanting to have a comfortable “safety net” of money has always been on my mind.

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"If something as silly as money got in the way, it would break my heart."

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Aaliyah, she/her, 26, NSW

What do you worry about the most when it comes to money?

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Right now, money doesn't worry me too much. I spend it to enjoy life in my twenties and make memories. But, I worry a lot about money in the future. My biggest fear is around fertility.

I'm single and I know I'm still really young, but I can't see myself having children for another ten years. In the back of my mind, I worry about trying to scrape money together to freeze my eggs, or to have enough squirrelled away in a fund for IVF in case I need it.

Why do you think this may be?

My siblings have some hormonal/endocrine conditions, so it wouldn't be out of the question for me to also experience something like that down the track and have it impact my fertility.

I know I could, and probably should, worry more about ever having stability or a house, but this one scares me the most. I've always known I want kids, so if something as silly as money got in the way, it would break my heart.

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"I’m worried about relying on my boyfriend."

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Kate, she/her, 29, SA

What do you worry about the most when it comes to money?

I’m worried about relying on my boyfriend. He makes a lot more money than me (he works in tech whereas I work in creative industries). He will probably always make more money than me. I want to know that I can support myself without being reliant on his generosity. Currently, we live in a beautiful house that I wouldn’t be able to afford on my own.

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Why do you think this may be?

Male-dominated industries like tech will always make more money.

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"As a full-time student I never have enough money."

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Grace, she/her, 21, Vic

What do you worry about the most when it comes to money?

I constantly worry about money. As a full-time student I never have enough money to do fun things and I struggle to make ends-meet even just to survive.