While men and women often divide responsibilities for the management of household finances, they tend to share equally the responsibility of teaching their children money management skills, suggests a new survey released Monday by BMO Bank of Montreal.
The survey, conducted by Pollara, examined how responsibilities for household finances are divided. It revealed men and women are equally likely to be responsible for teaching money management skills to their kids (28% versus 30%, respectively).
The survey also revealed that men and women play nearly equal roles for several other key household finance responsibilities including savings, monthly bill payments and big ticket purchases.
Meanwhile, responsibilities between the genders diverge for two other responsibilities: investments and discretionary spending.
Men are significantly more likely to handle the household investment portfolio; 68% of men said this is their responsibility compared with 52% of women.
Women are more likely to say the management of discretionary spending falls to them compared to men (60% versus 54% respectively).
The Pollara online survey was completed from June 1-6, with a sample of 1,001 Canadians. A probability sample of this size would yield results accurate to ± 3.1%, 19 times out of 20.