Personal Finance

Young women ask for financial advice

A recent study has suggested that more older women are making decisions over financial matters on their own than younger ones.

Halifax, who conducted the survey, found that 64% of women aged over 65 decide things such as paying bills and day-to-day budgets on their own, compared with just 32% of women aged between 18 and 24.

Big decisions, including whether to purchase a car, were done by 41% of older women on their own, while just only 24% of the younger generation would make a big decision without seeking advice.

The group linked the results to the willingness of young people to speak openly about their personal finances. Settling down later in life has meant that younger people are more likely to consult a family member about money matters. 53% of younger women would make small decisions jointly with their partner, and 10% would ask someone else to help them make a decision, rising to 18% for big decisions.

Sam Jackson

Money Dashboard