Most women money savvy

A snapshot survey of how women manage their money, conducted by personal finance website JustMoney, has revealed:

79% of women are in charge of their money;

56% of women drive money-management decisions;

86% of women are confident about money-management decisions;

85% think it is important for women to understand money management;

64% look to their parents as financial role models; and

51% believe women tend to have more debt than men.

Close to 400 women responded to the 13-question survey. It elicited a smaller response to others, which normally attracted about 2 000 replies.

Possibly this is an indication that, while many women are taking control of their finances, there is still a need for greater education.

More than 35% of participants were 35-44 years old; 27% were between 25 and 34; close to 20% were 45 to 54; 9% were in the 55-64 bracket; close to 6% between 18 and 24; and 3% were older than 65.

When asked who managed their money, 79% of respondents said they were in charge and only 1% said their partners ran their finances. Close to 20% said they were co-managing with their partners.

When it came to money management decisions in their homes, about 56% said they drove them, while close to 4% said their partners did. The remaining 40% said the decisions were made jointly.

When asked if they had an equal say in joint money management decisions, about 89% of respondents said yes and 11% said no.

Asked if they were confident in their decisions, 82% said yes and 18% said no, while about 85% thought it was important women to understood money management.

Sarah Nicholson is commercial manager at JustMoney