More women responsible for household finances than men
April 10, 2008 by admin
Filed under News, News-Banking
Women are more likely than men to be responsible for financial decisions in UK households, according to new research.
A study by Family Investments, a Child Trust Fund (CTF) provider, found that 59 per cent of women are in charge of decision-making regarding family money.
These findings corroborate research by Norwich & Peterborough Building Society released last month which showed that although 74 per cent of men are still the primary earners within a family, most financial decisions are either made together or by women.
In particular, women were found to take control of day-to-day spending on their children and homes.
“Indeed, this puts the myth of the father as the financial head of the family to rest,” commented Gary Lacey, group product manager at Norwich & Peterborough.
Two-thirds of women prefer to do their banking over the internet, even though only 20 per cent open their online bank account via the internet, according to the study.
Women also seemed more knowledgeable about children’s savings products than men, with over 60 per cent identifying that CTFs are a tax-efficient savings option.
