Almost two-thirds (64%) of women aged 65+ make small financial decisions themselves, such as day-to-day budgeting and paying bills, compared to only one third (32%) of 18 to 24 year olds. This is double the figure and well above the 57% national average.
When it comes to big financial decisions, such as buying a new car, over two-fifths of women (41%) aged 65+ take charge. This is again almost twice the figure of 24% for 18 to 24 year olds and higher than the average of 35%.
The willingness of the younger generation to discuss financial matters openly, as well as the tendency for women to settle down later in life, means that today's young women are more likely to consult others, such as family members and peers, when making key financial decisions.
Over half of 18 to 24 year olds (53%), for example, would make small financial decisions with a partner, which is above the national average of 38%. This is in contrast to 4% who would leave such decisions solely to their partner, and one in ten (10%) who would ask another person to help them make the decision. This figure is five times higher than the national average of 2% and increases to almost one in five (18%) for big financial decisions, four and a half times the average of 4%.
Older women aged 65+, in comparison, keep their financial matters more closely guarded, stating that they wouldn't seek advice from anyone else. They would also not let their partner make any kind of small financial decision on their own and only a handful would be willing to let their partners take control for big decisions (1%). In addition, only one third (35%) would share responsibility for small financial decisions with their partner.
The older generation of women is more likely to make financial decisions themselves because of their own childhood experiences. When they were growing up the household's finances were normally dealt with by one person in the family. It was not acceptable to discuss financial matters freely and these were never discussed in front of children.
Almost two fifths (39%) of women aged 65+, for example, remember their mum and one third (33%) their dad managing the household finances alone. Only one quarter (25%) remember their parents sharing responsibility and discussing financial matters together in the home.
In contrast, half of 18 to 24 year old women (50%) see their parents sharing responsibility for finances in the household.
Commenting, Flavia Palacios, head of Halifax Savings, said: "It is interesting to see the differences between today's younger and older generations of women. Both their own childhood experiences and the society which they grew up in have played a part in how they make their own financial decisions.
"Despite the reason for saving changing according to a woman's age and lifecycle needs, it is encouraging to see that all women, regardless of age, consider it important to have their own savings."
