Women are taking a greater interest in their finances, it has been suggested.
The news comes as research carried out by Sheilas' Wheels reveals that females are becoming evermore involved in money management within the household. According to the insurance company, about two out of five women (41 per cent) take sole responsibility for handling finances, which may include areas such as utility bills, credit cards and personal loans. Meanwhile, 43 per cent of respondents split such matters equally with their partners. This compares to the 16 per cent who leave managing the household purse-strings solely to their other half.
Findings from the company also showed that women are becoming savvy when searching for motor insurance. Before picking an insurer, the typical woman is now spending two hours and seven minutes looking for the right policy. With this figure some 23 minutes behind the time taken selecting a Christmas party outfit, Sheilas' Wheels asserted that women are starting to lend more time to thinking about finances as they do towards fashion.
Commenting on the figures, Jacky Brown, spokesperson for Sheilas' Wheels, claimed that "women are becoming more discerning customers - they want well-priced and good quality car insurance". Ms Brown also reported: "In terms of interest, we know that fashion will always win over finance, but it is interesting that women are now giving serious time and consideration to their insurance purchases and effectively 'window shopping' policies via company websites and, increasingly, price comparison sites."
Meanwhile, just over a third (37 per cent) spend less than an hour choosing the insurance cover, although it was suggested that this could be due to the increasing use of time-saving price comparison websites. But with only half of respondents taking the time to check the small print of the policy to make sure what they are covered for, many consumers could come under financial pressure in terms of making repayments on loans and other areas of their finances, if they suddenly find that having an inadequate policy means they have to meet the cost of repairs to their vehicle.
Research from the company also showed that when researching car insurance 41 per cent of women ask their friends on their experiences and recommendations about buying cover. Some 24 per cent, meanwhile, visit money websites and read personal finance sections from newspapers.
As a result of having a more active role in both their household spending and selecting car insurance, a rising number of women could be more prepared to put their finances in greater shape for later life. However, recent research carried out by Prudential has shown that females may be on course to develop difficulties with money management in later life. The news comes as some 60 per cent of women who are currently of working age are not saving into a pension scheme with such a lack of contributions meaning that they may struggle to make payments on personal loans and utility bills as they get older. Gary Shaughnessy, managing director of retail, life and pensions for the firm, reported: "Women are the underclass when it comes to pensions."
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