UK Money News

Money News

7th March 2008

Mums make key financial decisions

Mums are the new heads of modern households, according to research.

A survey by the building society Norwich & Peterborough (N&P) revealed that mothers now make the lion's share of financial decisions, especially those affecting the children.

Dads have maintained control of traditionally male areas like electrical goods, cars and home improvement.

But when it comes to the weekly shop, school trips and planning Christmas, it seems mum knows best.

"Although men are generally the main income earners in a family, it is fascinating to see that most financial decisions are actually made jointly by both the mother and the father," said Gary Lacey, product manager at N&P.

"Indeed, this puts the myth of the father as the financial head of the family to rest."

The survey also revealed that most major decisions, such as family holidays and moving house, tended to be a joint decision.

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