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Wednesday 17 September 2014

Mum's the word when it comes to how families spend their money

Charlie Weston Personal Finance Editor

Published 20/09/2013 | 04:00

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Picture posed. Thinkstock
Picture posed. Thinkstock

NOW it's official: women are the decision-makers when it comes to household finances.

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Seven out of 10 women choose what car is bought and make other key decisions on spending in the home, a new study of over 3,300 Irish mothers, seen by the Irish Independent, shows.

And spending by families accounts for most of the money paid out in the economy, according to research carried out by Amarach.

The research was done for EUMom, an Irish marketing company focused on mothers. It has 120,000 mothers registered with it.

Mothers are such key players that their decisions are set to drive the recovery in spending next year and in 2015, according to Gerard O'Neill of Amarach.

'POWER'

The research among 3,376 mothers found:

* Families account for 70pc of all spending.

* Mothers are responsible for 98pc of bills and budgeting in the home.

* Some 70pc of mothers have the final say on buying a family car.

* And mothers do the research when choosing a family holiday.

Mr O'Neill said mothers were vocal and powerful, but were not "in power". But when it comes to economics, women are hugely important.

"Moms will drive the recovery in Irish consumer spending slated for 2014 and 2015," Mr O'Neill said.

Mammies mostly manage the savings in the household, with the research showing mums are the ones taking control when it comes to decisions around health insurance.

And mums are still the most likely people to be conducting the weekly grocery shop.

Spending on groceries averages €129 a week, with half of mothers saying they are bulk buying more this year than previously.

Two out of three families report that they are having to spend more on groceries because of price rises.

Most mothers make a trip to the shops three times or less each week, with large numbers reporting they are eating less meat. But trying to come up with ideas for family meals is proving a major headache. Almost eight out of 10 mums say that they cook the same meals each week.

The drive to save money is a huge feature of the the weekly shop.

Modern mothers are big into 'buy one, get one free' offers, loyalty card/coupon schemes, and they tend to choose supermarket own brands over traditional brands.

Online shopping is now a feature for one-in-five family households.

EUMom managing director Rose Kervick said retailers, suppliers and producers needed to get the message that mothers matter.

"Mothers are the biggest spenders, key decision-makers and they influence other moms," she told a conference.

Irish Independent

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