‘Money mummies’ take charge of family budgets
Research by high street bank Lloyds TSB and a think tank suggests the emergence of a new generation of women who broadly hold the balance of household financial power.
The family savings report looked at household savings trends in the UK and compared them with two other nations where people actively save, Germany and China.
The research found that in younger households (aged under 45) for the first time, women are taking charge of the majority of choices of financial provider, long-term planning as well as handling everyday finances such as payment of bills.
However, for couples over 45, men still take the lead in financial matters.
International comparisons of these results show that younger German women are leading the way – with around 56-58 per cent controlling financial activity among younger couples.
However, in China, the research found that picture is much more mixed. While older generations of women have more financial power than their European counterparts, there does not appear to be a clear trend toward rising female financial power in the Chinese age groups.
On some measures, men are actually more powerful among younger couples than older couples.
In the UK, 1,500 adults aged 18-64, were interviewed, and in both China and Germany 750 adults aged 18-64 were interviewed, resulting in a total international sample size of 3,000