Nothing says I love you like... a separate bank account

Nearly half of single working women are more likely to say yes to a marriage proposal than a joint bank account with their boyfriend, according to a report from Friends Life.

The report, entitled 'Working Women' is part of Friends Life's Visions of Britain 2020 series, and reveals a new generation of self-sufficient women who are keen to keep control of their purse strings and not answer to anyone about their spending habits.  Not only are 45% of single women reluctant to commit themselves to their partner financially, this sense of financial independence is likely to translate into greater financial autonomy once they are married, the report shows.  Some 61% of working women under 30 claim that financial independence benefits their relationship.

The findings suggest these 'savvy sisters', a group made up of working women under 30, are striding ahead of men of the same age when it comes to managing their finances.  This savviness is partially a product of the recession, but 39% of these women also cite the mistakes of their parents as the catalyst which encouraged them to take control of their finances.  It is increasingly difficult to ignore the economic realities of having a family, retirement or even divorce and many women do not want to repeat the mistakes of their mothers when it comes to ensuring their financial security.

Buying their own home is a particular financial priority for young working women, with the majority (53%) of those currently renting looking to get on the property ladder within the next five years, compared to only a third (33%) of their male counterparts.  The report has revealed that it is young women who are now driving the property market; about a million working women own the house they share with their partner outright, effectively acting as landlords for their other halves. But while young working women are committed to short-term saving, the picture is not as heartening when preparing for their retirement, with only 41% currently saving for a pension.

Kim Clarke, Head of HR, Friends Life said: "Women have fought hard for their financial independence and they are determined not to give it up, regardless of whether they are single or in a committed relationship.  It is encouraging to see so many young working women taking control of their finances now, but there is still a way to go when it comes to securing their long-term future.  Women in their 20s need to start saving now, planning for their future and personal goals."

The report is a comprehensive study of the financial challenges facing working women today.  Other findings include:

The vast majority (89%) of working women under 30 think of themselves as being in control of their finances, putting them significantly ahead of the national average (75%).

79% of single women agree that "getting your own financial advice is a good idea even for people who are married". A significantly lower 52% of men agree.

Almost two thirds (65%) of working women (vs. 50% of working men) agree that "it's important to make sure your personal finances are protected when you get married".