It's official: Women do spend a lot of money!

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They're always accused of spending more money than what their pocket allows them, but sadly for the ladies, the charge now has an official stamp. A new Aussie study has found that a large number of women have no savings.

In a survey of 1320 women, which was conducted by the Australian Women's Health magazine, it was found that 33 per cent of them had no savings and 43 per cent had less than 1000 Australian dollars.

I suspect it wouldn't be just women. If they were to survey men, you would find the same proportion wouldn't have savings,'' News.com.au quoted Goldsborough Financial Services financial planner Brenton Miegel, as saying.

"We are in very much a consumer-driven society where we tend to spend pretty much all we earn, therefore we are in a position of not being able to save or we choose not to save, he added.

Tammy Lee, a regional manager at women's clothing store Dotti, said men and women had a different attitude to spending.

"Fashion is fast and moves quickly. Men are more likely to spend on one good suit they will wear a lot, while women will spend on seven suits of the latest fashion and the shoes and handbag to match, she said.