Mum’s the word for who is in control of family finances – with three out of four women controlling the family purse strings, according to a new survey.
Although men are still likely to weigh in as the family’s main breadwinner, 72% of women manage the bills and savings.
Most men (60%) reckon their female partners do a better job of juggling money than they do, says the research from Marks and Spencer that looked at gender roles in homes.
The figures also showed that 72% of Marks and Spencer financial products are owned by women, although this could reflect the store’s wider customer demographic.
The major change revealed by the survey was a shift of who controls family income between generations.
A majority (55%) said their fathers were the financial heads of the household when they were growing up.
Regionally, three out of four Scots (73%) think women are better at running the household finances, while those in the North West and London are most divided – 51% agree while 49%% disagree.
Scotland is also the only region where more people say that their mother (51%) took responsibility for household finances when they were growing up rather than their father (47%).
The West Midlands region had the highest percentage of people who said their father (63%) was more likely to take control of the household finances when they were growing up instead of their mothers (35%).
Colin Kersley, Chief Executive of M&S Money, said: “Although men remain the main income earners in the majority of families, it seems that it is women who hold the purse strings when it comes to the family finances. These findings firmly put the myth of the father as the financial head of the family to rest as the changing responsibilities within British households are revealed.
“With women making up 72% of our customers, we are proud that over the last 25 years, whether it’s insurance, savings or borrowings, M&S Money has been helping women with their family finances.”
