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Who manages the bank account in your household?

By Joel Stanier

12 September2021

It's a matter for debate in many households as to who controls the family finances - but research by Scottish Widows suggests that more working women make the big decisions than men.

57% of women in full-time employment are in charge of important financial decisions in their household, according to the survey, compared with 47% in 2011.

This includes things like switching utility providers, putting money into savings and even deciding which bank account to use.

Yet despite this, many do not have any kind of protection insurance in place - potentially putting their family's financial security at risk if they became unable to work.

Jennifer Gilchrist, senior product development manager at Scottish Provident, said: "Women are increasingly assuming financial responsibility in the home both for making money and making financial decisions. It is a cause for concern that women who work are not recognising the importance of protection, potentially leaving themselves and their families open to financial hardship if they should become seriously ill, lose their jobs or die. Despite becoming ever more responsible for financial decisions, women are not making appropriate choices to safeguard their futures.

"Women need to take the necessary steps to protect their own and their family's finances, should they no longer be able to work. With 100 days to go until the EU Gender Directive comes into force, women can avoid paying more by seeing an adviser and sorting out their protection needs now."

Tags: bank account, Scottish Widows, bank, family, finances

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