Women more aware of household finances than men

Women are more aware of the household finances than men, according to new research from Gocompare.com.

A new survey from the price comparison website found 44 per cent of women know how much money is in bank accounts and the amount owed on credit card bills, compared to just 36 per cent of men.

However, the two sexes have differing views on who manages the purse strings. The study found more than two thirds (68 per cent) of men said they look after the finances in their homes, but 63 per cent of women said it is in fact them who do it.

When asked if they manage their finances together only 19 per cent of men said they do, while a quarter of women said the same.

Interestingly, though women appear to keep the closest eye on the household budget, they are the most likely to splash the cash, with more than a third (34 per cent) of women saying they spent the most in their relationship, compared to just short of a quarter of men (24 per cent) who said that they were the ones who forked out the most.

The survey revealed women do not trust the men in their lives when it comes to finances, with one in five (21 per cent) of females surveyed confessed to opening their partner's credit card bill and bank account statement all the time. 

Men on the other hand are more trusting, with only one in ten saying they do the same. Indeed, just under two thirds (63 per cent) of males said they had never opened their partner's bank statement or credit card bill – only 48 per cent of women could say the same.

Some 69 per cent of men believe opening someone else's bills shows that they do not trust their partner, but less than half of women (49 per cent) agreed.

Claire Peate, customer insight manager at Gocompare.com, said: "Managing household finances is a tricky job and it seems that men and women have different ideas about who takes the lead when it comes to balancing the books.

"Our survey found that women are probably the most hands-on when it comes to money, as 44 per cent are very aware of what's in accounts and on cards."

Money management is one of the most vital tasks for households and it is important to have someone keep track of income and outgoings. However, if only one person deals with the finances, it can become difficult to keep on top of things as one partner may spend money without the other knowing, leading to cash not being available for important bills.

This can quickly lead to debt, with the household struggling to keep afloat amidst several bills and rising daily living expenses.

It is a good idea to have both men and women collaborate with the money management to ensure everything is in order and enough money is put aside for bills, food, travel and savings.

By Amy White