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Women in charge of household finances
11 April 2008
Women are taking charge of the financial management in the home, according to new research.
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A study by Family Investments found that women are one and a half times more likely to be the person with responsibility for financial decisions in the home than men.
Some 59 per cent of female respondents to the company's survey said they made most of the decisions about money in the home.
Traditionally, the male 'bread winner' has been expected to deal with the household finances, but the research shows that the tide is turning, with an increasing number of women taking financial responsibility.
Women also understand financial issues better than men. Around 62 per cent of women correctly said that Child Trust Funds are a tax efficient savings product, compared to 52 per cent of men.
Despite the growing use of the internet for carrying out everyday tasks, just one in five women have set up their bank or building society account online, the survey found.
It revealed that reasons behind opening accounts among women included a good interest rate, the ability to manage the account online and tax-efficiency.
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