The new research found 29% of women described themselves as financially confident compared to 39% of men.
Confidence was lowest among those aged 46-60 (29%) while many respondents said knowing where to start and finding the right support were their biggest barriers.
The findings come from financial services provider MLC and coincide with the launch of a new free financial tool designed to help everyday Australians manage their finances.
MLC's head of technical services Jenneke Mills told the Savings Tip Jar podcast the tool provides a reliable port of call in an age where we can be bombarded with too much information.
"You can do a quick Google search about anything finance related and you'll get hundreds of thousand of hits," Ms Mills said.
"But we're also really busy. We're being communicated with more than we ever have been before so taking that first step, taking that information and taking the punt to move forward, it can understandably be a little concerning for a lot people."
Listen to the full podcast with Jenneke Mills, MLC Head of Technical Services.
Why are women less financially confident?
Ms Mills believed the research showing women felt less confident in financial matters than men was likely not a question of knowledge, but more a factor of time to prioritise finances.
"I equate that to the additional pressures that females can often face in life, having to take time out to take care of children, caring for elderly parents, having to wear multiple hats that can really put a strain on the time they have to sit down and prioritise themselves and working out where they are and where their money's coming from and going out," she said.
Although the research found it was middle-aged Australians (46-60) who were least confident in financial matters, Ms Mills said the numbers weren't significantly different for younger people (18-30).
"I feel like it's that first step is always the hardest, whether it's the first step towards buying a home, or whether it's helping adult children with their cost of living pressures, it's about drawing a line in the sand and actually setting a date to do something is really important," she said.
Realistic picture
Ms Mills said another factor of the times is that many people may be setting expectations for themselves about what success looks like based on what they're seeing and hearing online.
"That's not necessarily going to fill us with inspiration that we can take a step forward to whatever success looks like for us [so] we kind of prioritise perfection rather than progress, which I think is a bit of a concern."
The MLC Money View tool is AI-driven and invites users to submit some personalised information (using a first name only and fake is ok, according to the bot) and it will provide an overview of the user's financial situation.
According to MLC, the tool provides a "real time, holistic view" through a secure, customisable dashboard that can be saved, revisited, and updated at any time.
It takes into account properties values, budgeting, tracks financial goals, and pathways to retirement among other services.
Ms Mills said putting some plans in place for the future can also help people feel less fearful in other areas of their lives.
"We saw during COVID for the first time in a long time people were acutely aware of how much they had saved for an emergency fund, a rainy day fund, as well as for retirement," she said.
"People were actually saying they lacked confidence and were fearful for the future because they hadn't actually planned for what was really a catastrophic event."
The Money View tool is available for free on the MLC website.
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