Money-conscious mums favour loyalty cards

31 July 2014

Mums are more likely to use loyalty cards to make their money stretch further than the average Brit, research has found.

They will also set a weekly or monthly budget, regularly visit websites to find the best deal and buy and sell items secondhand, according to an online survey by Standard Life.

Three-fifths (60%) of mums claim they actively use loyalty cards to buy goods so that they can get items for free. More than half (52%) also go online to use price comparison and voucher code websites to find the best deals.

While only 39% of dads actively use their loyalty cards, they have similar attitudes to spending cash and running up credit card debt, with 53% of dads saying they don't like to do this (compared with 57% of mums).

Meanwhile, dads are much more clued up about the interest rate they're getting on their savings. Only 48% of mums said they knew what interest rate their bank or building society was paying them, compared with 60% of dads.

When it comes to investing in a stocks and shares New Isa, only 10% of mums were doing this – compared with 15% of dads.

Be smarter with saving

Julie Hutchison, personal finance expert at Standard Life, says: "It makes sense for mums to be using up their loyalty points to keep costs down, particularly just now, when summer holidays can easily stretch budgets. What better time to make sure points aren't going to waste and maybe even use some to help cover back to school costs, too?

"But while mums are clearly being smarter than dads with their spending, there is still plenty of room to be smarter with saving. Mums need to make sure they get the best interest rates on their savings, or they really are losing out. And they should be thinking about how they could use the New Isa to make their money grow. It could make a significant difference to their future savings and spending power if they start investing for the longer term now."

Standard Life's tips to help make your money go further

  • Check how much loyalty cash you've built up and make sure you use it to cut down spending.
  • Look out for all the free family events this summer such as festivals, workshops and days out.
  • Check if you or your partner's employer offers a childcare voucher scheme, as these can help with the cost of nursery fees and can ultimately save a family hundreds of pounds. Some of these vouchers can also be used on other clubs and activities during the summer holidays.
  • Visit comparison sites and look for voucher/discount codes before you buy. You could also use price scanner apps on your phone to see if an item is cheaper somewhere nearby.
  • Take time to check if you're getting a good interest rate on your savings accounts

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