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Women set to take over finances

Growing sexual equality will soon result in the final surrender of man’s role as holder of the household purse strings, a report has suggested. By 2020, more women than men will have the final say on financial decisions affecting the home, National Savings and Investments (NS&I) found. In addition, by 2030 40% of women will earn more than men, compared to 14% now.

The study was based on government research and interviews carried out by the think tank Future Foundation. By basing their findings on current trends, researchers concluded that 2020 will be the year that the shift in power occurs with women taking charge of the family budget.

While women’s incomes have historically been crimped by their decision to stay at home and look after their families, Future Foundation found that 27% of today’s 16 to 24-year-old women would prefer to be the main breadwinner. Meanwhile, the fact that females obtain a higher education qualification than their male counterparts could also lead to them overtaking men on the wages front in future.

As women’s contribution to the household income grows, so they have taken on greater responsibility in the financial decisions relating to the home, which was 50 years ago the exclusive preserve of the man. In 2007, men in 20% of households made key financial decisions, falling from 22% in 1992, while over the same period the proportion of women having the final say rose from 10% to over 12%.

William Nelson of the Future Foundation said: “In 2007, we are seeing the emergence of a generation of women who are better educated, more ambitious, and more financially confident than any before them. This generation is already more likely to handle day-to-day financial matters than their male partners, and demands to have at least an equal say in the big decisions.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .