Women take control of the financial purse strings

Nia Williams

January 24, 2011

The nation’s women not only want to have their own savings pot and maintain control over it, but also want to influence financial decisions in their household. Financial independence is more strongly felt in London, where the ‘Bridget Jones effect’ has taken hold according to Halifax.

Nine in ten women (89%) consider it important to save money or to have their own savings. Over half (52%) of women think it is important to save money to maintain financial independence and a further two in five (18%) to maintain a safety net in case anything goes wrong in their relationship. 15% are less concerned with relationship problems and are more interested in controlling their own spending and saving habits.

When it comes to taking responsibility for the household budget, three fifths of women (59%) share this with their partner and over one third (35%) happily do this themselves. However, only 2% hand over responsibility to their partner.

Women also take more control, than men, over larger financial decisions. Although over half of women (57%) are happy to share the responsibility with their partners, over one third (35%) are solely responsible for these decisions, with only 3% passing responsibility to their partner.

Over half of women (54%) in London, take the lead on big financial decisions, with four fifths (43%) sharing responsibility with their partners. They are also the sole decision maker when it comes to smaller financial decisions, such as buying food and clothes. Over two thirds (67%) make these decisions themselves with only three in ten (30%) sharing responsibility. This is in contrast to 57% and 38% at a national level.

Commenting, Flavia Palacios, head of Halifax Savings, said; “It is interesting to see how important it is for women to establish their own savings, maintain control over them and the ‘financial’ purse strings in the household, especially in London where the ‘Bridget Jones effect’ has taken hold.

“Getting into the savings habit and maintaining control over your saving and spending habits is good advice for anyone, but has become increasingly so in the current economic climate.”

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