More women managing household finances
Women are increasingly taking control of family finances in the UK a recent study has revealed.
According to The Lloyds TSB Family Savings Report women under 45 are more likely to manage important matters like choosing a mortgage and making provisions for savings and spending.
This is thought to affect the rate of savings in the UK overall: figures show that in households where women are in charge of financial planning, 91% of households have money put aside. Where men are in charge this figure is a lot lower.
Women were found to have higher savings balances than men on average, but were less likely to invest in stocks and shares.
This shift should have a positive impact on the economy in general.
Greg Coughlan of Lloyds TSB stated, “Female control of the family purse strings is likely to give rise to an increase in households’ savings, as women tend to be more cautious savers in terms of the vehicles they save in, and have a longer-term orientation to saving.
“This in turn means that mortgage repayments and consumer spending could become less vulnerable to turmoil in employment or financial markets in the future.”
It is hoped that this shift may have a positive impact on power relations between men and women.
The study also analysed spending habits in China and Germany, finding that almost six in 10 young German women were controlling household finances among younger couples.
However a slightly different picture was painted in China, with no clear trend towards rising female financial power.