News

31/05/2011 11:18:29

Younger women more likely to seek financial advice?

Younger women may be more likely top seek financial advice from a professional as research has suggested that they are more open about their budgeting matters than their older counterparts.

According to a study by Halifax, 64 per cent of females aged 65 and older make most of their small money decisions alone, compared to just 32 per cent of ladies aged 18 to 24.

In addition, just one per cent of women in this older age bracket would allow their partner to make big financial choices on their behalf, while just a quarter of the younger generation would take sole charge of important purchases such as buying a car.

Head of Halifax Savings Flavia Palacios said this difference was interesting and added: "Both their own childhood experiences and the society which they grew up in have played a part in how they make their own financial decisions."

This is followed by advice given by consultant at Change to Succeed Pya Khanna, who claimed it was important women take ownership of their personal finance and do not expect their partners to do it for them.