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Bank charges: Women increasingly managing household finances

Working women are increasingly taking control of bank claims and calling for loan refunds, a study by Provident has indicated.

The research revealed 57 per cent of females who are in full-time employment say they make the majority of their household's financial decisions, rising from 2011's figure of 47 per cent.

However, 84 per cent of female respondents admitted that they do not currently have a critical illness policy, with the expense of the cover cited by 57 per cent of these women as the reason they do not have it.

Data from the Office of National Statistics' Labour Market Statistics report of March 2012 revealed there are around 12.5 million working adult females in the UK, while the employment rate for all people aged between 16 and 64 was 70.3 per cent over this timeframe.

Scottish Provident senior product development manager Jennifer Gilchrist noted women are increasingly taking on monetary responsibilities in the household, making spending decisions and earning money.

"Despite becoming ever more responsible for financial decisions, women are not making appropriate choices to safeguard their futures," she argued.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801448373-ADNFCR

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