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MOST WOMEN DON'T PARTICIPATE EQUALLY IN FINANCIAL PLANNING ACCORDING TO NEW
STUDY—AND IT'S HURTING GENDER EQUALITY

New research reveals that nearly half of married women still defer big financial
decisions to their partner. Here’s why that needs to change.

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(Image credit: Getty Images)

By Sponsored
published 5 days ago

Only 20 percent of heterosexual couples make big money decisions equally. Yup,
you read that right—only one in five couples partner on important financial
decisions, according to a new study by UBS called Own Your Worth. Even more
worryingly, the study also found that more than half of all women in
heterosexual relationships and 40 percent of women in same-sex relationships
defer major money decisions to their partners. That means up to half of women
don't talk to their partners about financial decisions that affect them: from
major purchases to long-term decisions about investments and retirement.



The issue isn't just about making sure that women have a say in day-to-day
family finances. Eight out of 10 women will end up alone at the end of their
lives—solely responsible for managing their finances. Women consistently outlive
men, and divorce rates have gotten higher recently, particularly for people 50
and over. More and more people choose to stay single. So it’s critical that
everyone, especially women, understands money matters throughout their
lives—both now and as they get older—so that they can be prepared for their
financial futures.



Closing the pay gap in the workplace has been a popular topic of discussion as a
way to bring about gender equality financially, but what's not talked about
enough is how gender dynamics play out in the home—and how equality has to start
there. FYI, this problem of deferring big money decisions isn't just for an
older generation: Millennials deferred decisions around finances in their
partnerships even more than older generations, the study found.

The good news is that both women and their partners actually want a better
balance: 96 percent of married women and 98 percent of married men want women to
be more involved in financial decisions, according to Own Your Worth. And the
large majority of women and men surveyed by UBS also said that women’s financial
participation is critical to gender equality.

In a new video series, UBS delved into this problem, speaking to real-life
couples and individuals about money discussions at home and the consequences of
not engaging with partners. Even though it sounds intimidating, there's never
been a better time to look at the roots of this imbalance and start working to
fix it. Women's financial health—and our overall well-being—depends on it.




WHY MANY WOMEN DEFER ON MONEY ISSUES

There are a variety of reasons behind this subtle but pervasive inequality.
Women actually know more than they think but may often have a confidence gap,
deferring financial decisions because they believe their partner has more
expertise. Other times, it's simply that couples are busy in the home,
especially if they have children, and they take a divide-and-conquer approach to
responsibilities—with finances being one partner’s responsibility. Sometimes,
women simply feel like they don't have time to work on finances because of their
many other household obligations; they can have a misinformed sense that it's
not a woman's "place" to tackle finances or even a lack of interest in these
matters. 



Even though gender dynamics are changing, there's still a widespread perception
that men just "get" money more than women. But that's not necessarily true—women
have as much insight to offer in financial discussions. When one partner takes
the full brunt of the responsibility, it hurts both partners, because it only
includes half the couple's perspective and can inadvertently trap women into
giving up their voice. It may also prevent both partners from having a full
understanding of their financial needs, goals, and bigger picture.



The good news is that most spouses and partners want women to join them in
making big money decisions. They feel like their relationship will be stronger,
certainly, but it also takes the pressure off of them to succeed by themselves
in the relationship's long-term financial health. According to Own Your Worth,
over half of women who defer to their partner say they wish they were more
involved—and 90 percent of men say they wish their wives were more involved,
too.




THE LASTING IMPACT WHEN WOMEN DON'T CONTRIBUTE ON FINANCES

When women don't participate in major financial decisions, it can be a rude
awakening if an unexpected life event forces them into a money management role
for the first time. This can include long-term planning or lack thereof—over 50
percent of people in the U.S. don't have enough saved up for retirement, which
can be an enormous problem as people get older—as well as everyday issues like
access to account passwords and financial institutions.

Big life events have a way of exposing this kind of inequality. No one plans for
an adverse health or life event, including sudden death, illness, or disability.
But when they do happen, it can be a steep learning curve for women who weren't
previously involved in the financials.



Couples are more likely to invest in estate planning to divide assets in case of
loss, because they know that it's an important part of planning ahead. But
they're less likely to think about what would happen in the day-to-day if one of
them is gone—especially if that person was the only one managing family
finances.

It's common to defer these conversations thinking that they'll happen at a later
date, only to be caught off-guard when something does happen.




HOW TO TAKE CHARGE AND MAKE CHANGES ON FINANCES IN A RELATIONSHIP

But there's still good news. Women who need to be more engaged on finances can
make changes. Just simply taking the plunge and talking about money
regularly—particularly with encouragement and support from the partner who
normally handles it—can be an important first step. These discussions can
include an explanation of big-picture savings and investments and a joint review
of financial documents, as well as a discussion of the minutiae.

It's important to remember that these conversations can happen over time, since
communicating so much information all at once can be overwhelming. A financial
advisor can also be a useful ally here, since they're specialists in money
management who are used to answering questions and helping individuals and
couples develop tailored financial plans for the future.

It really all comes down to the concept of participation, according to Carey
Shuffman, Head of the Women’s Segment at UBS. "You don’t need to be an expert to
be meaningfully involved in your financial life. Women can identify the steps
they’ll take to take their seat at the money table, which will help them
actively design the life and legacy they want. And this is not just a women’s or
a couples’ issue—everyone can be instrumental allies in removing barriers so
active financial participation is possible for all women."

Another useful technique is to designate a regular time for these conversations
to occur. Big picture talks don't have to happen as often, like discussing how
much couples are saving for retirement every month. But understanding how money
is flowing in and out, particularly if couples want to save or change their
financial picture, should be a regular part of life at home.

There are many ways to split finances, and couples can find their own unique
methodology for dividing up responsibility. But, no matter how it looks, a sense
of partnership can be a powerful feeling. Own Your Worth found that couples who
split money management and participate equally feel more confidence and less
stress in their finances. Partners can be lifelong allies, supporting women in
their journey to become financially knowledgeable and independent. 



These discussions can also be useful in identifying when you need to speak to a
pro about your financial needs—taking the burden off the relationship and
getting some help from someone who understands you. UBS has created a framework
called UBS Wealth Way that financial advisors use to help couples manage their
money across the three key dimensions of their financial life: liquidity
(short-term), longevity (long-term), and legacy (beyond).


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