Women Take Control of Family Finances

Published on 1 January 1970 by Raffick Marday

Women take control of the family finances, as new research reveals the majority of financial products are owned by the head female in the household.

The findings from M&S Money show 72 percent of women own the household’s financial products even though men continue to be the primary income earners in the majority of families.

Despite men earning on average 10 percent more than women, and there are 10 percent more men in employment than women, 59 percent of men think women are better at running the household’s finances. However, 62 percent of men believe they make more of the important financial decisions.

“Although men remain the main income earners in the majority of families, it seems that it is women who hold the purse strings when it comes to the family finances,” said Colin Kersley, M&S Money chief executive.

“These findings firmly put the myth of the father as the financial head of the family to rest as the changing responsibilities within British households are revealed.”

The survey also revealed 10 percent of men wish their partner would take control of the finances, compared to only seven percent of women who feel the same way.

The figures show that roles are changing, as 55 percent of people admit it was their father who was the financial head of the household when they were growing up.

Women in Scotland are more likely to be head of the finances in the household, with 73 percent of Scots believing women are better at running the family’s finances. This is in comparison to the West Midlands, the region with the highest percentage of people who said their Dad is more likely to take control.

If you are in charge of your family’s finances try using a prepaid credit card to help you budget the monthly income, so you can put a bit aside each month to save for the future.

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