Desire for financial independence is increasing by generation

The traditional role of the ‘male breadwinner' is losing relevance to today's society, according to new research from private bank Cater Allen. Women in particular believe that men no longer need to be the ‘sole wage earner', and are becoming more eager for self-sufficiency.

Although a third (33 per cent) of men still believe that the role of main ‘breadwinner' is relevant to today's society, less than a quarter (23 percent) of women feel the same way. In fact, more women disagree strongly with the concept compared to men, as more than a quarter (26 per cent) believe it is ‘not relevant at all', compared to less than a fifth (19 per cent) of men.

The concept of relying on another person financially has been equally disregarded by both sexes, as women prove as eager as their male equivalents to live entirely from their own income. One fifth of women (20 per cent) wish to be ‘completely self-sufficient', which is exactly the same ratio as for men.

The desire amongst women to be self-sufficient is also increasing with each generation. 23 per cent of 18-24 year old women want to be ‘completely self-sufficient' compared with 21 per cent 25-24 year olds and just 18 per cent of 35-44 year olds. Only 1 per cent of 18-24 year old women believe their partner should provide the entire income for the household, compared with 5 per cent of 25-34 year olds.

Sally Watts, Marketing Director of Cater Allen, commented: "It's intriguing to see that more men feel there is a place in society for the traditional ‘male breadwinner' than women. This highlights the changing attitudes amongst young British women towards independence and financial self-sufficiency.

"This is reflected in the number of women taking up Cater Allen's private banking services. The fastest growing demographic in our customer base is women. This illustrates the increased wealth, influence and financial independence of women in a sphere which was traditionally male dominated.

"As women become increasingly financially independent and wealthy, we expect to see more women opting for private banking services."

Unlike most traditional private banks, Cater Allen offers more ‘inclusive' banking that requires a minimum cash deposit of just £5,000 (or €10,000), but offers access to the superior service associated with a private bank.