Spending and savings habits of Britain’s 40+ women
British women aged 40+ are more in control of their finances than ever before, according to a new survey by Icesave, the online savings account provider.
The survey found that a third (37%) of 40+ women are the chief income earner in the household. They also have a traditional pension (70%), an Isa (60%), life assurance (34%) and stocks and shares (29%).
1 in 4 of these more youthful 40+ women make the major spending decisions (the rest will make a joint decision) as opposed to their partner (2%). These women also save an average £200 per month, with 10% saving between £300 and £700 each month.
I in 4 women said that they secretly save money, mainly for emergencies, although other reasons cited were for personal treats and because their partner is unreliable with money. 40 per cent pay the bills and run the finances with slightly less saying they do this jointly and 12% leaving it to their husband. A third said that they have a separate current account from their partner with only 20 per cent admitting to having only a shared account.
Mark Sismey-Durrant, Managing Director of Icesave comments: “In today’s unpredictable financial climate, prudent women are making saving a priority. Not only are they making sure they have a buffer to deal with the unexpected, they are also making sure they can afford regular treats. By taking advantage of consistently competitive interest rates, they can create a nest egg that can be accessed quickly if needed in an emergency without incurring any penalties.”