Families do their financial planning together

Almost two thirds of families do all their financial planning together, according to new research conducted by M&S Money.

According to the financial services firm, family meetings are firmly at the top of the agenda for the remainder of 2010.

However, M&S Money noted that when the crunch comes, it is the women of the household that tend to control the purse strings, with a fifth having the final say in financial decisions.

The firm's Family Finance study showed that Britons are discussing everything from holidays to the best savings rates.

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."

Mr Kersley added that being totally open about family finances bodes well for the future - particularly if the uncertain economic climate persists.

Recently, Legal & General claimed that a lack of savings could be the driving force behind increasing levels of debt.

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2010-11-23 14:13:14 © Moneyextra.com