Over half of Exeter mothers are now the breadwinners for their household, contributing 50 per cent or more to its total annual income, according to new research.
Engage Mutual findings have revealed that 52 per cent of Exeter mums provide half or more of their families' yearly income compared to the UK average of 43%.
The mutual commissioned the independent research questioning 2,000 mums across the UK to get a better understanding of their impact on household finances and what financial products they have.
They also quizzed them on knowledge of the economy and whilst Exeter mothers passed the politician's test of knowing the cost of a pint of milk (74 per cent did), more knew who the Chancellor of the Exchequer was (78 per cent) and over half (59 per cent) knew the current Bank of England bank rate.
"Forget yummy mummies, what we have is savvy mummies or as we have dubbed them MOMIES (Makes Own Money Is Economically Savvy). They are not only breadwinners for their families but are also making key financial decisions for their households and it is time that financial service providers recognised that, " said Dianne Verity, Engage Head of Customer Services.
Otherey Exeter findings from the Engage Mutual research into the 'Rise of the MOMIES' included:• Over 52 per cent of Exeter mothers are 'maternal breadwinners' contributing half or more of the household's annual income• 19 per cent of Exeter mothers are the total breadwinner for their entire household, contributing 100 per cent of the income• 76 per cent have their own bank account, 58 per cent their own savings and 24 per cent their own investments• When it comes to protection, 19 per cent have some form of life cover, five per cent have a guaranteed over 50s plan, 12 per cent other whole of life cover and 15 per cent have life insurance but are not sure what type it is • The average Exeter annual household income from the research was £28,108 and the average number of people in the household was 3.1 • Northern Irish mums make the biggest average contribution to household income at 54 per cent, whilst South East mums make the lowest average contribution with a still significant 39 per cent
"Clearly Exeter mums are making an invaluable financial contribution to their households both in terms of the amount of money they put in but also in the decision-making process," added Dianne.
"And as you would expect they are also protecting their families by taking out life cover in case they become sick or the worst happens. That's why we strive to create relevant products for maternal breadwinners."
