Women Are Taking Control of Finances; Females Are More Savvy Than Males When It Comes to Organising Personal Finances, According to a New Report, but Both Keep an Eye on Investments
Byline: ADRIENNE McGILL
WOMEN have better control over the purse strings than men, according to a new survey.
Research from Sainsbury's Bank reveals that in 31 per cent of relationships, women now earn the same or more than their partners and the findings also suggest that women are firmly in charge of home finance issues.
Some 65 per cent of women in a relationship believe they are better than their partners at managing the household budget, which helps explain why one in three say that they do the 'shopping around' when it comes to choosing new financial products.
In only 19 per cent of cases do women say that this is carried out by their partner with the remainder saying that this task is shared.
However, some 27 per cent of women in relationships claim that they make the final decision on choosing a general insurance product, whereas they believe that in only 24 per cent of cases is this made by their partners.
Derek Bottom, Deputy Chief Executive, Sainsbury's Bank said the research showed that women are more financially independent than ever before.
"For example, around 70 per cent or 12.5 million, are now working which is the highest ever level in Britain. Women are also taking more senior jobs and holding almost three times (280 per cent) as many managerial roles as a decade ago. It is little wonder therefore that there are an estimated 1.95 million mass affluent women in the UK.''
However, despite many women believing that they are more financially savvy than men, there is strong evidence to suggest that both take an equal level of interest in how their finances are performing.
For example, 46 per cent of men and 41 per cent of women obtain three or more quotes before choosing a personal loan and in both cases, 62 per cent review the performance and quality of their financial products at least once a year.
Derek Bottom added: ''It pays to shop around when buying financial services products. …