More Women Making Family Financial Decisions

Published on 1 January 1970 by Raffick Marday

New research reveals nearly half of working women describe themselves as the main bread winner in the family.

The study by Bright Grey showed 46 percent of working women are the highest earners in the house – with the family relying on their income.

The ‘Women and Protection’ report also revealed that women are gaining a stronger financial voice in the home as 61 percent of working women claim they are the most likely to raise money discussions.

This is compared to 57 percent of working men who state they would raise them. The study did however highlight that women are less likely to have income protection than men.

Women were also shown to be just as likely to make the financial decisions in the household, with 44 percent of all working females claiming they predominantly do so.

“As earnings levels even up and the level of financial responsibility in households is more equally divided, women could be putting themselves at risk by not protecting their income,” commented Roger Edwards, Bright Grey proposition director.

Nearly three quarters of working women say they pay the family bills, compared to two thirds of working men.

While 71 percent of working women do general day to day household budgeting compared to just 59 percent of working men.

Research by M&S also showed Brits are twice as likely to consult their mum on how to manage their money, as 36 percent surveyed admitted their mother had had the biggest influence over their finances.

Grandparents and siblings in comparison have little or no influence over financial habits, with only three percent and one percent respectively saying they do.

Women were more likely to say their mother has affected their views on money management, 39 percent, compared to men who were more likely to say their father had influenced them, with 36 percent admitting this.

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