52% of women in a relationship and providing half or more of the household income are responsible for managing the money, new survey says
Women are taking charge of household finances.
More than one in five women globally who live with a partner (22%) say they either earn more than their partner or contribute the full amount to their household’s total income, while 17% of women worldwide report they contribute just as much as their partners do, according to a new study by YouGov US.
The study was conducted over three continental regions and nine markets including the United States, United Kingdom, France, Germany, Sweden, Hong Kong, Thailand, India and Saudi Arabia. Researchers surveyed 14,000 people, including 7,225 women and 7,320 men, and discovered that as more women have joined the workforce around the world, their role as the central figure in the home is still a dominant one, particularly when it comes to economics.
Fifty-two percent of women in a relationship and supplying half or more of the household income say they’re responsible for managing the money, compared to 41% of all women living with their partner. And 38% of the former group were found to be most responsible for the long-term financial planning compared to 26% of others living with their partners. What’s more, 32% of women living with their partners and providing the the majority of the income said they were in charge of major purchases versus 22%.
Having a woman in charge of the money at home could actually help families save more in the long run since men are inherently more likely to get into debt, research shows. A Bank of Montreal poll found 30% of the male respondents were over $100,000 in debt compared to only 22% of the women, and 21% of male investors admitted to being impulsive with their trades compared to just 13% of women.
And in recent years, more young women have obtained college degrees, delayed having kids and entered the workforce taking the lead over men for high-paying jobs, according to a Census Bureau analysis.
Following the Great Recession, a number of male-dominated industries like construction and manufacturing were hit hard and have struggled to bounce back: Nearly two million construction jobs have vanished since December 2007, according to the Bureau of Labor Statistics, and more than 2.1 million manufacturing jobs have been lost due to the housing market collapse. The financial industry has also suffered big time with the lost of more than 600,000 jobs. Meanwhile, more female-dominated industries have been on the upswing with more than 880,000 jobs implemented in education and health services since the fallout from the stock market crash.
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