Family Meetings Back To Discuss Money
Family meetings are back in vogue with Brits today and have turned their focus on finances, instead of just the traditional family politics according to a study by M&S Money.
The 'family finance' study shows families across the UK are coming together to discuss everything from holidays and TVs to credit cards and broadband.
Pow-wow time!
The research reveals that the majority of family households discuss, research and plan how they spend their money together. Six in 10 families (59%) make all their financial decisions together before buying anything.
One in ten families take the traditional route and seek wisdom from the older generation by involving their own parents in making financial decisions for their household, but parents are increasingly involving their entire families.
Children under 18 are now commonly involved in decisions regarding buying furniture and clothes, to holidays and cars.
Indeed, of those with children at home, a quarter (24%) say their kids help decide on where to go on holiday, and 44% say their kids help decide on their wardrobe.
Colin Kersley, Chief Executive of M&S Money, said: "British families are embracing the old adage that ‘two heads are better than one’.
"We’ve seen a revival of the traditional family meetings to discuss what to spend the family cash on. Children and even grandparents are involved in a variety of decisions from fridges to credit cards.
"I think this is a really positive move for the nation’s families - the idea of getting together as a team and playing a part in crucial decision making together is a wonderful development.
"Being open and honest about family finances can only bode well, opening up the next generation’s eyes to running a household’s finances."
Sharing the cost
When it comes to the crunch of actually paying, one in three (31%) couples will split the bill - sharing the cost fairly.
The research found this is most likely to happen in Wales (44%), whereas only 23% of Londoners who hold family meetings to decide on how to spend their cash go on to share the cost.
However, the study also found one in five women in relationships do all the research, make the final decision and fund the purchase - with only a small proportion (4%) handing over total responsibility to their partner.
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