Two thirds of households make financial decisions together
Written on 18 November 2015
When it comes to taking out a loan or making a major household purchase, two out of three (64%) couples now make these decisions together, according to a new survey by Zopa.
In only a quarter (27%) of households are men now the primary financial decision-makers says the survey while around one in 10 (9%) households say that women take the lead on making their financial choices.
This contrasts sharply with the recent past, says Jaidev Janardana, CEO of Zopa.
“Our research is a positive sign of equality in the home as the evidence is clear that the majority of couples prefer to make decisions together when it comes to their personal finances, marking a stark shift from previous generations,” he said.
Buying a home
Some 90% of couples surveyed said that major purchases like buying a home are now a joint decision. This is in sharp contrast to the 1960s when it was almost impossible for a woman to get a mortgage without a male guarantor, says the peer-to-peer lender.
When it comes to putting financial decisions into action, two out of five (38 per cent) couples surveyed said they split the duty of completing applications for products such as mortgages, loans and credit cards. But in 44% of households the applications are undertaken by men while in just 17% women took the lead.
In households where financial decisions are not made jointly, women tend to be the main decision-makers taking charge of the family’s funds, says Zopa.
The survey of 2,000 of Zopa’s customers revealed that in 15% of households decisions on things like holidays are made by women, compared to only 5% who say this falls to men. And when it comes to home improvements, 12% of couples say that women have the final say, compared to just 9% who say it is down to a man.
Jobs for the boys
But there are some areas which remain the preserve of men. Around a third (33%) of households said that choosing a car tends to be a male decision, compared to just 6% of women. And when it comes to buying electronic goods, such as televisions, 39% of households said the decisions are taken by men and just 4% by women.