British households now making joint financial decisions

Old stereotypes of a male financial decider and a female household spender can firmly be laid to rest, as new research shows that two-thirds of UK households take joint decisions about their finances. 

The study, undertaken by Zopa, found the majority of UK couples now share decision-making when it comes to money matters, with women taking the lead in the majority of purchasing decisions.

In the households that don’t make joint decisions, women take the lead when it comes to spending, with 15 per cent of couples saying decisions on things like holidays are made by women, compared to only five per cent who say this falls to men. When it comes to home improvements, 12 per cent of couples say that women have the final say, compared to just nine per cent who say it is down to a man.

Over 90 per cent of couples said major purchases like buying a home are now a joint decision, although as recently as the 1960s it was almost impossible for a woman to get a mortgage without a male guarantor. 

In another sign of household equality, two-thirds of couples said they make joint decisions when it comes to purchasing white goods, such as bathroom and kitchen appliances, with women making purchasing decisions in just one in four households. Some buying decisions do however seem to remain the responsibility of men, with 33 per cent of households saying that choosing a car tends to be a male decision, compared to just six per cent of women. This is also apparent when it comes to electronic goods, such as televisions. 39 per cent say that decisions are taken by men and just four per cent by women.

Jaidev Janardana, CEO of Zopa, said: "Our research is a positive sign of equality in the home as the evidence is clear that majority of couples prefer to make decision together when it comes to their personal finances, marking a stark shift from previous generations."