Who wears the financial trousers in your house?
Two thirds of UK households take joint decisions about their finances, with women taking the lead in the majority of purchasing decisions.
This is according to new research from peer-to-peer lender Zopa, who found household finances have entered a new era of equality.
The study, which polled over 2,000 Zopa borrowers, found the majority of UK couples now share decision-making when it comes to money matters like getting a loan.
They found that joint decision making across financial decisions and major household purchases is now the norm, putting to rest old stereotypes of the man deciding and the woman spending the money.
Over 90% of couples confirmed that major purchases, including buying a new home, is a joint decision.[tweet_box]It’s common now for couples to make joint financial decisions. Is your partner involved in your Financial Plan?[/tweet_box]
Only a quarter of households said men were the main financial decision-maker, and one in ten said women take the lead on financial choices.
While the majority of couples reported joint decisions across all major purchasing categories, decisions around children’s presents fall to women 41 per cent of the time and to men in just 2 per cent of cases.
Over half of couples share the decision of what to get their children this Christmas.
This research represents some interesting findings which highlight the importance of couples working together when it comes to Financial Planning.
Both spouses or civil partners should always be included in the Financial Planning process, agreeing on objectives and understanding the course of action to be taken.
If one member of the household has agreed on major financial decisions until now, perhaps it is a good time to involve the other partner in your financial plans for the future.