12/05/03

Research from Sainsbury’s Bank reveals that in 31% of relationships, women now earn the same or more than their partners. Furthermore, the findings also suggest that women are firmly in charge of home finance issues.

Some 65% of women in a relationship believe they are better than their partners at managing the household budget, which helps explain why one in three say that they do the ‘shopping around’ when it comes to choosing new financial products.  In only 19% of cases do women say that this is carried out by their partner with the remainder saying that this task is shared.  However, some 27% of women in relationships claim that they make the final decision on choosing a general insurance product, whereas they believe that in only 24% of cases is this made by their partners.

Derek Bottom, Deputy Chief Executive, Sainsbury’s Bank said: “Women are more financially independent than ever before.  For example, around 70%, or 12.5 million, are now working which is the highest ever level in Britain.  Women are also taking more senior jobs and holding almost three times (280%) as many managerial roles as a decade ago.  It is little wonder therefore that there are an estimated 1.95 million mass affluent women in the UK.”

However, despite many women believing that they are more financially savvy than  men, there is strong evidence to suggest that both take an equal level of interest in how their finances are performing.  For example,  46% of men and 41% of women obtain three or more quotes before choosing a personal loan and in both cases, 62% review the performance and quality of their financial products at least once a year
 
Derek Bottom said: “It pays to shop around when buying financial services products.  A recent survey for example, found that on average the difference in premiums from the cheapest and most expensive motor insurers is a staggering 39%.   Between, 1st July 2002 and 31st December 2002, Sainsbury’s Bank was found to offer the most competitive premiums where on average, a customer switching to us from one of the most expensive five insurers would have saved themselves over 40%.” 

Provided by Sainsbury's Bank