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Women more likely to manage finances

Women more likely to manage finances

Category: Money

Updated: 28/09/2012
First Published: 28/09/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The tables are turning in young relationships with the majority of women taking control of the purse strings.

According to a study by Lloyds TSB, 91% of relationships where a women is in charge of making financial decisions had adequate savings, compared with 82% of those where the man took charge.

Women aged 45 and under were likely to select and manage the family's bank or building society accounts in 52% of households, whilst 54% confirmed they took responsibility of paying day-to-day bills.

The shift in behaviour suggests that more people have become 'financially savvy' as a result of the credit crisis, working together to manage their financial situations and making plans for the future.

Sylvia Waycot, finance expert at Moneyfacts.co.uk, said: "Women have balanced the family household budgets for generations so it comes as no surprise to me that they are now including major purchases and insurances.

"Many husbands, including my own, prefer to haggle for a good deal, which is shunned by many women who prefer to just find the most competitive deal and then buy it."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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