New research from Halifax Estate Agents reveals that when moving, men with a partner or spouse are more likely to be solely responsible for sorting the finances than women.
48% of men in a relationship will typically manage the finances for moving, compared to 34% of women. However, when it comes to deciding when and where to move, results show it is a joint decision.
The key findings were:
Most UK couples make a joint decision to move – The majority of UK adults (65%) who live with their spouse or partner will make a joint decision when deciding to sell or move. Furthermore, just over two thirds of Brits (69%) will make a joint decision when it comes to buying or renting a new property. Typically, UK adults are less likely to sort out the finances jointly when moving, with just 36% sharing the responsibility.
A battle of the sexes?
Marginal differences between the sexes when deciding to move – When moving and then choosing a new home, there is little difference between men and women in the decision-making. 19% of men and 21% of women said they act alone when choosing to move. Additionally, there is only a marginal difference between men and women who say they make the decision to move jointly with their partner, with men at 64% and women at 66%.
Half of men will sort out the finances alone – The gender gap may be small when deciding to move, but when it comes to sorting out the finances for a new home, nearly half of men (48%) will sort the finances out alone. In comparison, only a third of women (34%) will be solely responsible for getting the books in order before the move. 26% of women will let their spouse or partner make financial preparations, compared to just 17% of men.
Across the ages
Joint decisions to move decreases with age – Younger generations are most likely to make a joint decision with 72% of 16 – 24 year olds, not wanting to decide alone. In contrast, only 58% of the over 65s will involve their partner or spouse when deciding to move.
Big difference in younger generations' financial organisation – 50% of 25 – 34 year olds say they alone sort the finances when moving house. In comparison, only a quarter (23%) of 16 – 24 year olds would make independent preparations, with 51% preferring to share the responsibility.
The Welsh think two minds are better than one when moving – Regionally, the Welsh are the most likely to make a joint decision with nearly four fifths (77%) agreeing two minds are better than one. Conversely, those in Yorkshire and Humber prefer to go it alone, with only53% making a joint decision to move.
Half of the North will sort the finances jointly –The North is the highest region when sorting finances jointly (51%). With only a quarter (24%), the East Midlands is the lowest region for arranging the finances together.
Gordon Edwards, managing director, Halifax Estate Agents, commented:
" Buying a house is the biggest purchase most of us are likely to make. If you are deciding to sell your home, purchase a new property or sorting the finances for a move, it's important to involve your partner in the decision-making process."
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