Quarter of households still have a housekeeping budget

Perhaps surprisingly, the tradition of maintaining a housekeeping budget is alive and well in many UK homes.
 
A new survey conducted on behalf of alternative account provider thinkmoney.co.uk has found that a quarter (25.9%) of all households in the UK, including those occupied by a single person, still keep a housekeeping budget. Of the homes occupied by multiple residents, this rises to a third (34.71%) of households who uphold the tradition, compared to two-thirds (65.28%) who choose not to set aside money each week for housekeeping.
 
Where a housekeeping budget is still used, it seems women typically maintain the traditional role of managing it while men provide the money. Nearly a quarter of male respondents (21.6%) say they give money to their partner for housekeeping, compared to fewer than one in 20 women (4.5%) who do the same.
 
Housekeeping budgets are most popular among 25 to 34 year olds, with a third (33.1%) revealing they either provide money for one or receive money for it from their partner. Older generations are least likely to still budget in this way, with just one in five (21.6%) over 55-year-olds choosing to do so.
 
Across the country, people in Northern Ireland are the most likely to have a housekeeping budget in place, with nearly half (48.1%) of all households in the country revealing they keep one. This is more than double the number of East Anglian households that use one (15.8%).
 
Of those families who do have a housekeeping budget they stick to, the average sum set aside for it is between £81 and £100 a week. However, one in 20 of these respondents (6.8%) reveal they budget more than £200 every week for housekeeping.
 
Ian Williams, spokesman for thinkmoney, says: “The idea of keeping a housekeeping budget might seem old fashioned to some, so it’s surprising how many households still uphold this tradition.
 
“However, it can be a very useful tool for budgeting, as all those essential weekly household costs like groceries, travel, childcare and regular activities like sports classes can be included. The person managing it then knows how much they will need each week to cover all these expenses, so whether just one partner contributes to it or both, it can make budgeting simpler.
 
“A thinkmoney account works in a similar way; your income – made up of earnings or benefits – goes in each month and one of our Money Managers sets aside the cash you need to pay all your regular outgoings, like utility bills and rent. What’s left is then transferred to your card account for you to spend.”