Financial Friction: Home | News Release
FINANCIAL FRICTION CAUSED BY HIGH EARNING FEMALES
Women are now the main breadwinners in one in five relationships - and it's causing arguments across the nation.
New research from Skipton Building Society reveals that over three million 1 (20%) British women now bring home the bacon - and financial imbalances result in rows for a fifth (21%) of married and co-habiting couples.
Many of these women begrudge their men's lack of earning power - one in six (16%) resent their loved one for not earning more cash and one in 10 (11%) dislike being financially responsible. For the men who have relinquished the traditional male provider role, one in seven (14%) feel stripped of their independence and one in 10 (8%) feel like they're always asking their partner for money.
The quarrels over cash manifest themselves in day-to-day situations. More than a quarter (26%) of those who argue with their partner over money say disputes stem from one paying a greater share of the household bills, whilst a similar number (23%) say their partner is irresponsible with money and nearly one in five (17%) keep secrets from their partner about how they spend their cash.
And it seems that relationships are less fiery when men are the main provider. For male breadwinners, only one in 14 (7%) feel resentment towards their other half for not earning as much. The loss of independence however seems to be a more pressing issue for financially reliant women - 18% cite this as a problem.
Christine Northam from Relate says, "Managing money is an important task in couples' relationships. Now that women's earning power has changed, deeply held beliefs about male - female roles and financial responsibility, which could be wholly outdated, can cause anger and resentment. This can often lead to rows. Couples should try different ways
to manage their outgoings - and with any luck they'll settle on one that suits both partners. Being open and honest about money from the beginning is a good place to start."
Jennifer Holloway, head of media relations at Skipton Building Society, added, "For a long time, earning and managing money was firmly a male concern, but as more and more women become the main breadwinner, there's a need to ensure they're as financially savvy as possible. It can be daunting to learn about things like mortgages, investments or even inheritance tax planning, but there's a definite benefit in doing so to make every penny count - especially when money can be the cause of so many arguments."
ENDS
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Lisa Pearson, Band & Brown Communications, 020 7419 6934 or lisa.pearson@bbpr.com
Elly Kestenbaum, Band & Brown Communications, 020 7419 7315 or eleanor@bbpr.com
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Editor's notes
- 2001 Census data: 12,301,564 married and cohabiting women in England in Wales , and 2,912,200 in Scotland . There are 15,213,964 in total in Great Britain . One fifth is 3,042,753.
- The research was undertaken online by YouGov between 30 June and 3 July 2006, amongst a sample group of 697 married and 502 co-habiting individuals. Results are unweighted. YouGov is a member of the British Polling Council.
- Skipton offers practical advice for couples and their finances at www.love-and-money.co.uk
- Skipton is the UK 's seventh largest building society, with a national presence represented by its 79 branches, covering the country from Aberdeen to Plymouth . An innovator in the field of mortgage and investment products, the Society stands apart from its counterparts as the parent to 17 subsidiary companies, many of which operate in the financial market.
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