If you think that dads manage most of the family finances, please think again.
If you think that dads manage most of the family finances in Canada, please think again. In the 21st century, more and more women are taking the lead on finances, whether or not they are half of a two-parent household. These days, females exert remarkable influence on the financial health of their household. Do you know which females happen to be the most powerful when it comes to taking the financial reins? Mothers, that’s who. Here’s why:
Mothers hold the proverbial purse strings
Mintel researchers in the UK refer to mums as the “queens of cash” as far as household money decisions are concerned. According to a 2015 Mintel study, a whopping 84 percent of mothers reported making the majority of financial arrangements for their own household. That number stands in sharp contrast to the mere 49 percent of fathers who informed researchers that they were the #1 decision makers in their personal household, according to the UK Daily Mail.
The Telegraph UK reports an even higher percentage of families with mothers who make most or all of the decisions as to where and how savings will be accrued. Moms choose banks, credit card accounts, telephone companies, and long term financial investments more than dads, as well.
Mothers tend to make unselfish financial decisions
Interestingly, mothers who fiercely protect their financial autonomy whilst ruling the money roost generally put the needs of their loved ones well above their own.
When kids need shoes or schoolbooks, moms will put off their appointment at the hairdresser or skip a midweek lunch with the neighborhood ladies.
When a spouse needs money for gas, the wife may forego a pricey personal purchase. All things considered, mothers may overspend on their mates and children, but rarely do they do so for their own personal benefit.
Women make the preponderance of decisions when it comes to where the family will go on holiday, what sort of computer the family will buy, what sort of television they purchase, and so on. In the majority of Canadian households, women make important decisions about driving a safe and reliable family-friendly vehicle such as aor other spacious luxury ride.
It makes sense that mothers make the most financial choices for their families. They are, after all, the parent most likely to take the children to doctor’s appointments, dental check-ups and after-school team sporting events.
Moms influence marketers and manufacturers
Many manufacturers, service vendors, and advertisers target marketing messages specifically to mothers. They do this because they understand how powerful a typical Canadian mother’s influence really is, especially as pertains to the spending decisions of their family.
If you are the sort of mom who makes sound financial decisions, good for you. We commend you on your ability to keep your family’s financial boat afloat during smooth seas and stormy times, too.
Victoria Williams is head of her household, and knows full well that her husband couldn’t manage work, the kids, plus everything else! She writes about parenting, family matters and more for a variety of mommy and lifestyle blogs.