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Families making financial decisions together including those about current accounts

22 November 2010

Families are starting to make financial decisions, which may include which Current account to obtain together.

That is according to M&S Money, which found that six in ten families make all their financial decisions together before buying anything.

Another one in ten families gets advice from the older generation before they decide on which credit card to obtain or how to pay for items for example.

Colin Kersley, chief executive of the firm, said: "British families are embracing the old adage that 'two heads are better than one'.

"We've seen a revival of the traditional family meetings to discuss what to spend the family cash on. Children and even grandparents are involved in a variety of decisions from fridges to credit cards."

He added that this is a positive move and will help youngsters learn how to manage a household's finances in the future.

It was also revealed that one in five women have control over the family's Current account and finances, while just four per cent hand over total responsibility to their male partner.

Families in Wales (44 per cent) are the most likely to split the cost of an item between the couple. The money may come from a joint Current account.

However, couples in London are less likely to do so with just 23 per cent sharing the costs.

One way in which a family can conduct research and make a decision about a financial product is by using a price comparison site, such as moneyexpert.com.

These can be a useful tool as the site will list all of the deals currently available on the market encompassing a wide range of financial products.

One such category is current accounts and consumers may find the Zero Current account from Santander listed.

The bank will be offering this account to any customer who has more than £10,000 in a savings account with them from January 1st.

An advantage of this account is that it has no overdraft fees and does not charge for any withdrawals or purchases made on a card when the customer is abroad.
 

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