UK households are split over financial responsibility

New research has found that British households are divided regarding who holds the purse strings. The financially uncertain times are causing competition between couples over who should take on the burden of responsibility for how and when money is spent.

According to a survey by Clydesdale and Yorkshire Bank, many households are now questioning who takes charge of the household finances. The tough economic conditions and the increasing cost of living are thought to be at the centre of most financial discussions within UK homes.

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.î

The research revealed that 53% of men think they are in charge of the family finances, only a quarter of women agree with this assertion though. The plot thickens though as 43% of women believe they are responsible for household finances while only 13% of men share this view.

The largest gap can be seen in Greater London where 41% of men believe they take charge of the money pot compared to just 24% of women.

In the South East and East and East Midlands the divide is considerably more equal. 

38% of men within the South East believe they are in charge of the household finances compared to 36% of women.

The research also found that 78% of women would be comfortable with their male partner earning more. However, more than 38% of men would have trouble if the female was the main breadwinner in their relationship.

The shared financial responsibility of owning a home or renting can be difficult in the current economic climate. With many having to accept a pay freeze or in some cases redundancy, it could be worth setting aside cash for a rainy day.

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