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'Money Mummies' Taking Over Family Finances

A revolutionary shift in the balance of financial power in the modern household has today been revealed, with more women than men planning and budgeting the family’s expenditure.
Finance - 28 September 2012   Download IconContent available for download:  
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A new report into how families are saving has exposed a revolutionary shift in the balance of financial power in the modern household, with women taking a firm grip on the family purse strings, whilst also leading the way in a rising trend of more active financial planning. The report has uncovered a long term trend towards ‘money mummies,’ who are planning and budgeting the family’s expenditure, from long term planning (52%), choosing financial providers (52%) through to paying the bills (54%).

This trend is most pronounced in younger couples with women under 45 being in control of financial matters, whilst men are narrowly holding the fort in older couples. The research predicts that women will gain the overall ‘balance of power’ in all UK households’ financial decisions by the year 2020.

The research also highlighted:

• An increasing trend in households carefully budgeting their finances, rising from just over half (56%) of UK adults in 2007, to seven in 10 by 2012 (70%).

• Decreasing independence levels amongst UK adult children, with eight out of ten young adults receiving some sort of funding from their parents compared to just six in ten during the 80’s.

. Introduction:

Today a report looking into UK family savings has revealed a shift in control of the purse strings; with younger women taking the reigns creating a generation of ‘money mummies’ who are now planning and budgeting the family finances. As harsher monthly budgeting and long term financial plans become increasingly prevalent, experts have predicted that by 2020 women will be making the majority of financial decisions in UK households.

So what did the investigation conclude about what is now being deemed the ‘professionalised budgeting’ revolution and what is the female role in this?

Joining us to discuss this further is Debbie Bird, a parenting expert and Editor of leading parenting website Babyworld and Corinne Sweet a psychologist with expertise in the psychology of money in the household. Both are self confessed ‘money mummies’ and can comment on the international investigation by Lloyds TSB.