Women may control cash but men plan better

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Women are more likely to be in charge of the household purse strings – though men find it easier to stick to a budget, research suggests.

Half of women (51 per cent) surveyed by the Money Advice Service who have a family budget said they were in sole charge of it, compared with 36 per cent of men.

Men tend to be more confident about their ability to stick to such a plan, with 51 per cent finding this easy compared with 36 per cent of women.

A third of adults, equating to about 16 million people in the UK, do not plan to set a regular budget next year to help them cover regular outgoings such as rent, mortgage payments, food and travel.

A fifth of these people would use buffers such as credit cards and overdrafts to help them if they spend more than they can afford, the survey suggests. The findings come at a time when families are under pressure from continuing increases in the price of energy, food and rent.

Those living in Scotland and Northern Ireland are the most likely to be on top of their financial budgeting, at a respective 
70 per cent and 69 per cent of people.

Meanwhile, nearly half of people (49 per cent) in the north-east of England regularly plan their finances.

More than 2,000 people took part in the research.