Women take over household finances

More women are taking over the running of household finances and are feeling increasingly confident about managing their money, research has found.

Research by market analyst Mintel said more women were now likely to handle day-to-day purse strings at home, such as paying bills and borrowing on credit.

Women's financial control was also being exerted over more long-term financial plans, such as pensions, mortgages and investments.

Out of nearly 2,000 women surveyed, more than three in every four women now felt confident about their finances, compared to five years ago when only half said they were good at handling their cash.

Financial independence

Mintel calls the new breed of financially-literate women: "Finance Whiz Women".

The financial services industry would be well advised to avoid treating their female customers as being less knowledgeable about financial matters than men

Paul Davies, Mintel

Six in 10 women said they had a current account in their own name.

Just under half of women in total owned a credit card, with a third of all women having a credit card in their own name.

"Our research challenges the common belief that women take a back seat when it comes to finances," said Paul Davies, senior finance analyst at Mintel.

"The financial services industry would be well advised to avoid treating their female customers as being less knowledgeable about financial matters than men in the UK."