New research reveals households divided over who holds the purse strings

10/10/2011

New research today, 10th October 2011, has revealed that British householders are divided over who takes charge of the household finances.

The survey by Clydesdale and Yorkshire Banks has found that with households coming under pressure, the question of who controls the purse strings is a hot topic.

While more than half (53%) of men think that they are in charge of the family money pot only a quarter (25%) of women agree with this view.

In contrast, more than two fifths (43%) of women think they are responsible for household finances while only 13% of men surveyed believe that women take on this role.

The biggest differences can be seen in Greater London where 41% of men say they take responsibility for finances compared to just 24% of women.

The divide is less stark in the South East and East Midlands - in both areas just two per cent more men think they take financial responsibility compared to women.

Regional breakdown of who takes responsibility for household finances:

The research also highlighted that while 78% of women would be comfortable with the man earning more, 38% of men surveyed would have issues if the female was the main breadwinner.

Only two per cent of the women surveyed would prefer to be the main breadwinner and of the 539 men surveyed not one stated that the woman should earn more than the man.

Steve Reid, Retail Director for Clydesdale Bank, said: “It is understandable that household finances are a hot topic for many couples as it is such a big part of cohabiting. What’s important is not who does what but that couples play to their strengths.

“Clydesdale and Yorkshire Banks may not be able to help with financial disagreements but we have a range of accounts to suit every household – whether couples prefer to manage their finances with a joint bank account or separate accounts.”

Clydesdale and Yorkshire Banks are on hand to help with any aspect of money management from mortgages to personal loans as well as a range of accounts. For more information, please contact 0800 678 1230 for Clydesdale Bank or 0800 678 3380 for Yorkshire Bank (opening hours 8am – 8pm Mon-Fri) or visit www.cbonline.co.uk or www.ybonline.co.uk.