According to a survey carried out by Lloyds TSB is September, it has been proved than women are better money managers than men. It was found that around 91% of women who handle finance at home, have assured amount in their savings. On contrary, only 82% of men are able to successfully save when they handle the household financial management. The report has proven that female control on household money management is far beneficial for well-balanced financial conditions in the family. Thus, women stay on top for handling the day-to-day money related issues and seem to be clever in setting the household budget.
The report says that, as per the traditional values, men can play a better role in financial issues while women in household chores and domestic work, prove to be excellent. But despite the traditional belief, the situation has changed a lot, perhaps due to economical conditions, and now, women lead in home finance management. They play an excellent role of 'Chief Financial Officer' of the house. According to the survey, many women under 45 handle the finance and are taking charge of choosing financial providers. Moreover, they look after the long-term financial planning activity as well as daily money related activities like bill payments, etc.
On the other hand, the report says that in case of couples above 45, men still hold the right of financial planning in the house. With such a case in majority of the families, it portrays that the financial decision making gender equality is still decades away. Tallying the present as well as previous reports regarding this area, it seems that the male-female equality and balance of power would be seen somewhere in 2020s, where women would take over finances at the end of next decade. Additionally, the survey underwent international comparison around this area and found that German women are leading with around 56-58% of them handling the household finances, among younger couples. The situation was found to be mixed-up in China, where older Chinese women were found to be having more financial power. Moreover, no clear scenario was observed in the growing trend of home finance management there.
The spending power has undergone contractions since 2009, giving rise to a productive financial planning in families. Before recession, it was seen that only 56% people in the UK used to follow well-budgeted finance management, whereas the number has climbed up to 70% at present. Additionally, in women lead home finance management, the savings rate is seen relatively high, thus proving the efficient household financial management of women.