Friday, March 4, 2011
Category:
Secured Loans
According to new research from M&S Money, while men continue to be the main breadwinners in the majority of families, it is most likely to be women who ‘take control of the family finances in UK households’. In fact, M&S Money’s research revealed that women own 72 percent of their financial services products.
The research, which involved surveying 1,000 adults, uncovered that on average men generally earn 10 percent more than women, despite the gender pay gap reportedly narrowing. Furthermore, findings show that there are 10 percent more men in employment than women. However, 59 percent of respondents feel that ‘women are better than men at running a household’s finances’.
Additional findings include the fact that more female than male respondents said that they ‘like to take control of the household money’, at 61 percent and 57 percent respectively. In contrast, 55 percent of respondents revealed that in the previous generation their father was the ‘financial head of the household when they were growing up’.
M&S have highlighted a ‘shift in traditional responsibilities’, with 10 percent of men wishing that their partner would take financial control compared to 7 percent of women. Nevertheless, the research revealed that more men than women believe that they make a greater number of ‘important financial decisions’, at 62 percent and 54 percent respectively.
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Homeowners who would like to re-organise their household finances could consider taking out a
secured loan to tie up any existing debts that may be proving expensive each month. One of many finance options available, a secured loan for consolidation could leave borrowers with a single monthly repayment as opposed to juggling multiple monthly repayments. What’s more, this single monthly repayment could even be lower than the sum of existing outgoings, thus freeing up extra money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
