Household financial decision making: Qualitative research with couples

partners to manage longer-term financial matters.
1
Research undertaken by Bernasek and Bajtelsmit 
(2002) indicates that a woman’s degree of involvement in household financial decision making is not 
so fixed, and instead positively correlates with her share of household income and wealth.
2
Bernasek and Bajtelsmit (2002) suggest that women are more risk-averse than men.
3
According 
to Thomas et al. (2009), men are conversely more likely to consider taking financial risks in hope 
of a better return.
4
The claim that women are more cautious financially could have significant 
implications for retirement saving: for example, Bryan et al.’s (2011) analysis of Wave 1 of the Office 
for National Statistics (ONS) Wealth and Assets quantitative data found that women are 4.6 per 
cent more likely than men to save for a pension when eligible for an occupational scheme.
5
The 
same report suggests that male and female partners often do not adopt a household-level pension 
strategy: where one partner does not save, or saves very little, in a pension, the other partner does 
not necessarily compensate by saving more in a pension themselves.
1
Thomas, A. et al. (2009). Individuals’ attitudes and behaviours around planning and saving for 
later life. DWP Working Paper No 72.
2
Bernasek, A. and Bajtelsmit, V. L. (2002). Predictors of women’s involvement in household 
financial decision-making (Financial Counselling and Planning Vol. 13[2]).
3
Bernasek, A. and Bajtelsmit, V. L. (2002).
4
Thomas, A. et al. (2009).
5
Bryan, M. et al. (2011). Who Saves for Retirement? (The Strategic Society Centre and Institute 
for Social & Economic Research).

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6
Introduction
There are indications from research produced by Thomas et al. (2009) that age is potentially another 
factor influencing couples’ financial decision-making strategy and characteristics, not least with 
regard to pensions-related decisions. Younger people often feel that they are not old enough to 
seriously consider retirement.
6
Significant life events that tend to correlate with increased age, 
such as buying a house, getting married and having children may affect how couples think about 
retirement and pension provision.
7
Quantitative research by Smith (2006) suggests that pension