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More women now in charge of major financial decisions | Women from Britain are now more likely to manage important issues like choosing a bank and making provisions for future savings and spending, a new study has suggested.
This shift appears to be resulting in significantly higher rates of savings –
91 percent of households where women are in charge of long-term financial planning
have some money put aside, but the figure is only 82 percent when men take on
this responsibility. The trend is so far most evident among younger couples, with
men over 45 still tending to hold sway in money matters. But the research suggests
that a majority of women of all ages will be in charge of every household financial
decision by 2020. The survey by Lloyds TSB found that among couples under 45,
women were more likely to choose the family’s bank or building society, take control
of making detailed future plans for savings and pay day-to-day bills and keep
track of spending. The only area where younger men dominated was giving financial
advice to friends and family. The new study also looked at other countries, finding
similar trends in Germany , where it was the woman who managed long-term planning
for savings in 53 percent of couples under 45 years of age. However, in China
older women were more likely than their younger counterparts to be in charge of
making future financial provisions and choosing a bank. Greg Coughlan, head of
savings at Lloyds TSB, suggested that the rise of “money mummies” who are more
likely to build up savings might benefit the British economy in the long term.
“Younger women have definitely taken a firm grip on the purse strings, moving
from the traditional role of managing the day-to-day spending, to planning and
selecting where money is kept,” the Telegraph quoted Coughlan as saying. “This
rise of a money matriarchy marks not just a shift in the balance of power in families
but may have more positive impacts for the future economy. “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 future,” he added.
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