Household financial decision making: Qualitative research with couples

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Attitudes to financial decision making
Even those individuals who described themselves as confident tended to adopt a relatively cautious 
approach to household finances, again underlining the importance of living within their means. 
Typically, these couples acknowledged that things could go wrong and had taken steps to mitigate 
financial risks they identified. For example, Cara and Tim had taken out a mortgage that they would 
be able to pay out of only one partner’s salary, should the other stop earning. Miles and Marcus 
recognised launching their own business as a major decision, and had done a lot of research before 
going ahead with it.
Few of the individuals we spoke to demonstrated significant financial ambition or a conscious 
appetite for risk. As noted, living within their means was generally highlighted as important, and 
many linked finances to terms like ‘uncertainty’. No couples thought that they held risky or volatile 
investment products, for example.
2.1.1 
Factors influencing attitudes 
Individuals’ and couples’ own previous experiences and financial past had often impacted negatively 
on the way they now felt about handling finances. A few couples had made financial decisions, 
or experienced the consequences of others’ decisions or behaviour, that had had significant 
repercussions, and had caused them to treat their money with caution as a result.
‘We did make mistakes, years ago, by shifting from one endowment place to another one,
and being told all the wrong things. We lost out on a canny bit of money.’
(Edith, 60s, North East)
Specifically, some individuals’ parents had set examples, positive or negative, that had bred financial 
confidence and caution respectively. 
‘I think I’ve always been pretty confident with money and with decisions like that. My parents 
bought and sold property, and I think I’ve always been listening to their conversations. It’s never 
really been a big issue.’
(Kelly, 20s, North East)
 
‘I suppose [his wife Debbie’s] history is that [her] dad is a bit casual about finances, and my 
father died when I was very small, so I think there’s a bit of insecurity in my background that 
makes me cautious rather than cavalier.’
(Mathew, 60s, South East)
Becoming parents had affected several couples’ attitudes to household finances. One example was 
the need to prioritise children’s material needs first, sometimes meaning that parents would forego 
‘treats’ that they had enjoyed in the past. Others had realised the importance of making sure their 
children were provided for, in the event of their death. 
‘Since having the baby, my views on myself have changed. I’m understanding that I have got to 
change my attitude to money, to be more grown up about it.’
(Laura, 30s, South East)
Lastly, the financial climate and the 2008 crash had had a negative influence on several couples’ 
current attitudes. They noted that there were fewer job opportunities and less work available since 
the recession. Some participants worked in the public sector, and were very conscious of spending 
cuts in recent years. Several individuals commented that they had noticed the value of money 
declining in real terms, over the past few years. 

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