Women choosing home improvements over holidays in 2014

When it comes to money management, men and women can sometimes have very different priorities, according to research from Standard Life by YouGov plc.

When it comes to money management, men and women can sometimes have very different priorities, according to research from Standard Life by YouGov plc.

When asked about their financial priorities for 2014, a third of Brits (33%) believe that “reducing bills and household costs” is a priority, highlighting that our nation’s focus on “cost cutting” continues.

In close second place comes “saving more in general” (31%), showing many of us see putting money aside for the future as key too.

Dig a little deeper though, and you find that women are more likely (34%) than men (28%) to be making “saving more in general” a priority in 2014.

Women (21%) are also more likely than men (15%) to make “home improvements”  a priority

Meanwhile, men are more likely to think that a “family holiday” is a priority over “making home improvements” (18% vs. 15% respectively).
 
Commenting, Julie Hutchison says: “It’s no surprise that we all prioritise differently, but it’s interesting to realise that while many women could well be prioritising a trip to B&Q over a holiday in Corfu this summer, the men in their lives could well have home improvements much further down their list of priorities. We know from our Family Financial Tree research that Brits aren’t great at talking about money.  But discussing and agreeing financial priorities is always going to be key for a couple, particularly if they don’t want to end up in debt or left literally watching paint dry, when at least one of them thought they would be on holiday.”

Men’s top financial priorities in 2014

1. Reducing bills and household costs (33%)
2. Saving more in general (28%)
3. Paying off credit cards and loans (20%)
4. Family holiday (18%)
5. = Saving more money in an ISA (15%)
= Home Improvements (15%)

Women’s top financial priorities in 2014
 
1. Saving more in general (34%)
2. Reducing bills and household costs (33%)
3. Making home improvements (21%)
4. Paying off credit cards and loans (20%)
5. = Family holiday (16%)
= Making more money e.g. by moving jobs or up the job ladder (16%)