``My Partner's Money is My Money; My Money is Mine''; Synovate Study on Women's Financial Independence Shows Female Attitudes toward Money Vary Widely from Market to Market.

HONG KONG -- A Synovate study conducted last month in nine key markets shows that more than half of American women earn more than their partners, secret slush funds are alive and well in Japan and Saudi Arabia, and nearly nine out of 10 mainland Chinese women claim to have at least an equal say in the purchase of big-ticket items such as property and cars.

The study surveyed 3,821 women in the United States, Brazil, the UK, France, Romania, Saudi Arabia, China, Singapore and Japan. Although responses indicate that money is still central to a woman's sense of security and independence, more than half (57%) disagree that the one who earns the most holds the power in a relationship. Going Dutch is also becoming more acceptable - only 23% think that men should pay for everything.

Although six out of 10 women disagree that men are more financially savvy, the findings indicate that the fairer sex still has a long way to go in sorting out their financial affairs. Only 26% are actively saving for their retirement. Three-quarters say they do not use a financial professional to develop a formal financial plan. More than half ignore the business pages of newspapers and fail to follow financial news to acquaint themselves with what's going on in the world of money (the French respondents were especially disdainful at 90%).

Of those who are married or living with partners, 86% of Chinese women claim that they have at least an equal say in the purchase of big-ticket items such as property and cars, third only after the UK (92%) and France (87%). Half of them heartily agreed with the statement "My partner's money is my money, my money is mine." And apart from having unrestricted access to their man's wallet, 77% say they can pretty much afford what they want without asking for money from their partner, second only after the UK (80%).

Larry Wu, director of Synovate China, says local marketers are very aware of women's decision-making power. "Socially, Chinese women would always claim that their men held final sway over big purchases - it's part of giving 'face value' to the man - but it's a different story at home." Domestically, the woman controls the finances with the man's salary as the major source of expenditure. "The woman working is seen as a bonus," Wu explains. This is borne out by the survey findings - although 74% say their partners earn more than they do, 75% vigorously disagree that whoever holds the money holds the power in a relationship.

In contrast, 58% of Saudi Arabian women in a long-term relationship say whoever holds the money definitely has the power, the highest in all markets surveyed. 68%, again the highest among all markets, say the man should pay for everything. 48% also agree that men are always more financially savvy than women. Interestingly, Saudi Arabian women (32%) come in second only to Japan (38%) in concealing a slush fund from their partners.

"Based on bank research and other information, women are the richer gender," says Ghaida Fatany, the Synovate senior research executive who conducted the study in Saudi Arabia. "Women here have always been financially covered by their fathers or husbands; therefore they do not have to spend their own money unless they really need to."

The slush fund comprises any inheritance the woman may have, core family investments and any salary if she had been working previously. Secret bank accounts are kept secret "mainly to ensure financial security," says Fatany. "But some husbands, especially the more well-off ones, do not really care what their wives have in their accounts, believing that they are responsible for their wives' financial needs. What is hers is hers."

Japanese women (37%) come second after their Saudi Arabian counterparts (39%) in believing that getting married and/or having a family means giving up the financial freedom women now enjoy. "The truth is once a woman gets married and especially when she has children, it is very difficult to continue working," comments Rika Fujiki, president of Synovate Japan. "It's very rare to have domestic helpers. In smaller cities, perhaps parents and in-laws can take care of children but in larger cities this arrangement is not too common as they may live further away."

The secret bank account, says Fujiki, contains savings derived from the daily household expenditure. Domestically, the situation mirrors that of China, where the housewife holds the bank card and control of her husband's salary. "It is her responsibility to manage the household accounts," says Fujiki. "If she wants to buy a handbag, she generates money over a few months, perhaps by saving on food or other bills. Then she tells her husband a bag she's wanted for a couple of years is now on sale. It's important to note that she is not asking for permission to buy the bag, but is in effect warning him that she's about to buy it." Having adroitly managed the domestic finances, it appears the Japanese wife is within her rights to buy the handbag whether her husband agrees or not.

American respondents consistently disagreed with the notion that men were the better financial creatures or that men should foot the bill for everything. Interestingly, although a little over half of those married or living with partners claim to take home the bigger paycheck, only 38% say they can pretty much afford to pay for what they want without asking for money from their partner. That, coupled with the fact that 75% have a joint bank account, indicates that decision-making on purchases is more of a collaborative process.

"Gender equality in household financial affairs is more the norm in the US," says Tom Mularz, Synovate's global omnibus services director. "Both partners in a domestic relationship tend to contribute to and spend household income equally. Major purchases are typically mutually agreed upon. With the rise in financial independence for women, a financial partnership is most typical of the American household."

"Sometimes the stress of maintaining this financial partnership leads to divorce or separation, but that is a different topic for further study down the road."

Which of the following assets do you have in your name alone?
---------------------------------------------------------------------
         TOTAL   US  Bra-  UK  France  Ro-   Saudi  China Sing- Japan
                     zil               mania Arabia       apore
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----
         3,821  599  750  300    524    400    300   314   301   333
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----
Sav-
 ings
 account    53%  47%  36%  70%    60%    22%    46%   59%   84%   87%
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----
Jewelry     46%  46%  23%  63%    39%    81%    81%   30%   49%   36%
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----
Insur-
 ance
 policy     38%  46%  18%  53%    57%     8%     5%   48%   64%   59%
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----
Pension
 or
 retire-
 ment
 plan       34%  50%  19%  54%    26%    16%     -    52%   62%   46%
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----
Property    21%  30%  19%  25%    24%    14%    17%   17%   18%   14%
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----
Invest-
 ments
 such as
 mutual
 funds,
 shares,
 stocks
 and/or
 bonds      18%  33%   8%  35%    13%     7%   15 %   14%   25%   24%
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----
Val-
 uable
 an-
 tiques
 and/or
 artwork     7%  14%   2%   9%     7%    11%     9%    3%    3%    2%
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----
None of
 these      16%  18%  37%   6%    12%    10%     8%   14%    5%    7%
-------- ------ ---- ---- ---- ------ ------ ------ ----- ----- -----

                                                     Source: Synovate

How much does the following statement describe your attitudes toward
money and your finances? "I think the man should pay for everything."

(Scale of 1-5, where '5' means 'completely describes' and '1' means
'does not describe at all'.)
----------------------------------------------------------------------
          TOTAL   US  Bra-  UK  France  Ro-  Saudi  China Sing-  Japan
                      zil              mania Arabia        apore
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
          3,821  599  750  300    524   400    300   314    301   333
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
Top two
 boxes       23%   9% 21 %  16%    19%   33%    68%   24%    29%    9%
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
5
Com-
 pletely
 des-
 cribes     15 %   3%  16%  11%    12%   24%    40%   17%    21%    3%
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
4             8%   6%   6%   5%     7%    9%    29%    7%     8%    6%
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
3            21%  19%  17%  14%    19%   24%    16%   22%    26%   37%
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
Bottom
 two
 boxes       55%  72%  62%  68%    60%   43%    15%   50%    44%   54%
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
2            16%  18%  13%  10%    17%   13%     7%   14%    19%   38%
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
1
Does not
 describe
 at all      39%  54%  50%  58%    43%   30%     9%   36%    24%   16%
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
Don't
 know         1%   -    -    3%     1%    1%     1%    1%     1%    -
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----
Refused/
 no
 answer       -    -    -    -      -     -      -     3%     1%    -
--------- ------ ---- ---- ---- ------ ----- ------ ----- ------ -----

                                                     Source: Synovate

About Synovate

Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients cohesive global support and a comprehensive suite of research solutions. Synovate employs over 4,000 staff in 44 countries. More information on Synovate can be found at http://www.synovate.com.