Family Meetings Increase for Financial Planning
Traditional family meetings are coming back in vogue as a new study reveals many sit around the table to discuss family finances regularly.
The M&S Family Finance study showed six out of 10 families make all their financial decisions together before buying anything and the majority research and plan how they will spend their cash.
Seeking wisdom and advice from the older generation by involving grandparents is also becoming more common, one in ten families involve all the relatives.
Children under 18 years old are also more likely to be involved in the buying process for furniture, clothes, holidays and cars.
The Benefits of a Pre Pay Card
Apre pay credit card is a good way for children to learn how to budget their money without getting into debt.
The card user simply loads their money onto the card and then uses it to make purchases in retail shops, online, or to take cash out at ATMs when and where they need it.
A quarter of those surveyed said that their kids help decide on where to go on holiday and 44 percent said their children help decide on their wardrobe.
“British families are embracing the old adage that ‘two heads are better than one’,” said Colin Kersley, M&S Money’s chief executive.
“Being open and honest about family finances can only bode well, opening up the next generation’s eyes to running a household’s finances.”
Couples tend to split the bill when it comes to paying for things as 31 percent surveyed said they did it so to share the cost fairly.
This was most likely to happen in Wales as 44 percent pay for things this way compared to only 23 percent of Londoners.
Women were also found to do most of the research and make the financial decisions with only four percent handing over the responsibility to their other half.