Battle of the sexes: households clash over cash

British men still think they are in charge when it comes to their household mortgage and finances, according to research by Halifax mortgages. Traditional gender roles are alive and well in the minds of almost three in five (57%) British males, who claim to be the main financial decision maker in their household. Ironically only 6% of women concede that their partners make the money decisions for them.

In contrast, only a third of women (36%) say they are the primary financial decision maker, and even fewer men (3%) admit to letting their partners take control.

Sharing is caring

Despite many men and women’s financial tug of war, the survey revealed half of British households will share financial decisions equally, with those aged between 25 and 34 most likely to consult their partners (59%).

However, men and women’s perception of equality differs widely; many more women (almost 60%) think decision making in their household is shared equally (only 39% of men claim to share decision-making compared to 58% of women).

Commenting on the research, Jaedon Green, Head of mortgage development at Halifax, said: “No matter who holds the purse strings, whether it’s you, your partner or both, it’s important to seek sound financial advice to aid your decision.”

Bigger earners more likely to share the decision

The higher the income of a household, the more likely that financial decisions will be shared. Half of all individuals with a household income above £25,000 make financial decisions equally. In contrast, two thirds of Britons earning between £7.5 - £15.5k say they make up their minds on their own.