Women more likely to be responsible for household finances

Women are almost one and half times more likely to be primarily responsible for financial decisions than men in UK households, according to research from Family Investments.

In a survey, 59 % of women were found to be the primary decision-makers of households, compared with 41% of men, debunking sexist stereotypes about men controlling family finances.

Knowledge of children's savings was also found to be higher among women, with 62% correctly identifying CTFs as a tax efficient savings product, compared with just 52% of men. More than a third (37%) of women said that they have been inspired to set up additional savings vehicles since arranging their child's CTF.

Family Investments' data shows that mums, rather than dads, are the more likely to set up their child's CTF with the provider and are responsible for topping up the accounts. Moreover, the study shows that two-thirds of women prefer managing their finances online, an increasingly important channel for personal finance products and education.

However, just 20% of women currently set up their bank or building society account via the internet, despite online access coming second in a list of the top-ten reasons for opening a savings account.

Top ten reasons for opening a savings account among women

1 A good interest rate
2 Being able to manage the account online
3 Ease / convenience of opening account
4 Government incentives (e.g. top-ups)
5 Tax-efficiency
6 Good customer service
7 A regular way to save
8 Good security systems
9 Reputation of bank / building society / provider
10 Promotional incentive (e.g. gift)

With this in mind, this week Family Investments has enhanced the online experience for its customers by launching a new internet account management service, Online Wizard, in order it make it simpler for mums to manage their child's CTF account. Family Investments is the first CTF provider to offer this service, which allows parents to manage many aspects of their child's CTF online.

Miles Bingham, Head of Savings and Investments at Family Investments, said: "The ability to set-up and access your personal finances online is becoming more and more essential. Women usually set up their child's CTF and we have provided this service in response to their needs. 88% of mums say that they will monitor finances more frequently if they can do so online."

"Online Wizard enables mums to monitor their child's CTF and manage many aspects of the account. When their child is older, Online Wizard can even be used to teach children about the value of saving regularly - Online Wizard can help predict what the final value of the fund could be."

Family Investments' customers can now register online to:

Check the current value of their child's account
Top up their child's account
View up-to-date summary statements
See how much can still be topped up this year
See how much their child's account may be worth at age 18

Miles Bingham added: "The Government recently revised the rules for setting up a CTF. From April 2009, mums and dads will simply be able to open their child's CTF online or by telephone in a matter of minutes, which will remove a burden from the account-opening process and so increase parental take-up. We have already seen how much internet access will mean to parents - Online Wizard received more than 1,400 registrations within hours of its launch."

"Family Investments is constantly looking at ways to improve the customer experience and engagement with CTF's. We are proud to be the first CTF provider to offer an online service."