Top money saving tips for mums

While men continue to be the primary income earners in the majority of families, new research from M&S Money has revealed that it is women who are most likely to take control of the family finances in UK households.

The findings come as M&S reveals that 72% of their financial services products are owned by the fairer sex.

M&S Money surveyed 1,000 adults to examine the changing dynamics of gender roles with regards to financial decisions in their households. Although the gender pay gap is narrowing, on average men still tend to earn 10% more than women and there are 10% more men in employment than women.* Despite this, almost six in ten (59%) of those questioned said they think that women are better than men at running a household’s finances.

In addition, more women than men say they actually like to take control of the household money (61% compared with 57%). These findings are in stark contrast with gender roles in the previous generation as the majority (55%) of people said that it was their father who was the financial head of the household when they were growing up.

Surprisingly, more men (10%) than women (7%) wish their partner would take control of the household finances, showing a shift in traditional responsibilities. Despite this, men believe they make more of the important financial decisions (62%) than women (54%).

Colin Kersley, Chief Executive of M&S Money, said:

“Although men remain the main income earners in the majority of families, it seems that it is women who hold the purse strings when it comes to the family finances. These findings firmly put the myth of the father as the financial head of the family to rest as the changing responsibilities within British households are revealed.

“With women making up 72% of our customers, we are proud that over the last 25 years, whether it’s insurance, savings or borrowings, M&S Money has been helping women with their family finances.”

Regional Findings

Almost three quarters of all Scots (73%) think women are better at running the household finances, while those in the North West and London are most divided – 51% agree while 49%% disagree.

Scotland is also the only region where more people say that their mother (51%) took responsibility for household finances when they were growing up rather than their father (47%).

The West Midlands region had the highest percentage of people who said their Dad (63%) was more likely to take control of the household finances when they were growing up instead of their Mums (35%).

Top Money Savings Tips for Mums

1. Make full use of entitlements such as child benefits and family tax credits

2. Plan your weekly meals before going shopping to avoid expensive impulse buys and waste

3. Use the internet to compare prices and search for discount vouchers on things like shopping and treats such as eating out

4. Utilise a credit card with benefits on transactions such as vouchers or money back

5. Collect loyalty points where possible to make the most of the money you spend

6. Make the most of free activities such as kid’s days at the local library and museums

7. Start saving early for your children – With the rising cost of Higher Education and housing deposits, it is wise to start saving for your children’s future as early as possible

8. Borrow expensive items such as pushchairs and cots from friends who have already had children