Parents making finances a “joint affair”

Couples are standing by each other when it comes to making family finance decisions, it has emerged.

Research by Norwich and Peterborough Building Society has found that parents come to a joint agreement on 13 out of 16 possible family expenses, such as the cost of moving house and holidays.

However, women were found to be more proactive with purchasing decisions relating to any offspring, such as the weekly shop, footwear and clothing and Christmas presents.

When parents do not come to a joint decision, men took the lead with expenses such as electrical goods, cars and DIY, whereas women decided on decor, pets and garden plants.

Despite the father being more likely to be the breadwinner, it is “fascinating” that the myth of him being the head of the financial table is dispelled, said Gary Lacey, group product manager at the firm.

“Women often step up to make the day-day decisions with regards to spending on their homes and children. This may be due to the fact that they are the main caregivers or – possible – because mother often knows best,” he added.

Bringing up a child from birth to the age of 18 has been valued at £43,056, according to Invesco Perpetual.

© Adfero Ltd

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