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Women in the driver’s seat when it comes to financial decisions

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31/10/2012
Women are taking more interest and control over their financial decision-making than men, according to a recent report by the Department for Work and Pensions.

The study, involving in-depth interviews with couples across a range of ages, incomes and locations around the country, showed that despite women not necessarily being more financially confident or knowledgeable, they tend to have more influence over the process.

Women are said to also instigate the decision-making process, while men felt they had an important role to play at the final stage.

Steve Webb, Minister for Pensions, said: “Pensions can seem unfamiliar and perplexing or something to think about when you’re much older.

“That’s why we are taking the hassle out of retirement planning by introducing automatic enrolment which will see millions starting to save or saving more for their retirement.”

Couples responded that they work together on financial planning, but in reality they only really collaborate at the end of the process.

The report also highlighted that when it comes to long-term planning, few people take an active approach to providing for their retirement.

Where couples had actively made financial decisions this was often in response to major changes in their lives, such as marriage or becoming parents, or changes to household income.

Webb added: “This study backs up our research that individuals who are enrolled into a pension by their employer tend to stay in.”

However, those people already in a workplace pension say they accepted one when offered it by their employer.

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