By this point, we’ve all heard it: women make less money, take more time off work but we live longer lives. What’s the deal? Despite these systemic problems women are making a major mistake when it comes to money. They’re leaving all the financial decisions to their spouses. They’re taking themselves out of major financial roles in relationships and this just doesn’t sit right with me.
Women & Money: Why We Don’t Make More
According to a recent study from UBS Global Wealth Management, 58 percent of women leave those crucial choices up to their male partners. Younger women — those between ages 20 and 34 — were even more likely to defer to their significant others, at 56 percent. Meanwhile, older women ages 51 and up were not far behind, with 54 percent saying they leave money decisions to their spouses.
This can leave many women at risk especially if a break between partners occurs. When couples work together on long-term money goals, the outlook improved, UBS’ research found. Women reported higher confidence in their future, fewer mistakes and less stress around money.
So, ladies, what can we do? The answer is, get involved. Start small and be willing to learn more about financial health and your financial future. Every Monday I’ll be posting stories on women and finance so be sure to stay tuned! The relationship between women & money is about to change!
