Financial management? Isn’t that a male responsibility?

“Wives: Stop Leaving Money Management to Your Spouse”.

This is the ultimate obstacle for women, because a stable future depends on mastering this very skill of independent money management. As abruptly titled in this BloombergQuint article by Farnoosh Torabi, this abrupt fact regarding money management is the reality for some of you reading this. This surprising revelation is backed by a UBS study that asserts that many women are bad with money and are chained to financial dependency, so it must be quite accurate right?

A UBS Global Wealth Management survey of over 1,800 married men and women discovered that nearly half of the women relied on their spouses for major financial and investment decisions. Some of their reasons were that they had “no idea where to begin” and believed that their spouses are “better with money”. Farnoosh stated that even though the sample of women in the study is narrow, she speaks from her experience that the financial imbalance in marriage which the findings underscore is hardly an anomaly. “Financial avoidance is a recurring narrative among women and wives, often passed down from previous generations.”

In fact, millennial women were found to be much less financially independent than lady boomers, in a study by UBS Global Wealth Management survey of over 1,320 women with at least $250,000 in investable assets. In the New York Times, Jenny Gross wrote “Wealthy Millennial Women tend to defer to Husbands on Investing”. The study found that they believed that their husbands knew more. Many conversations about women’s empowerment are focused on negotiating salary increases, Representative Katie Porter said. “What good does it do to climb that ladder and get that next higher-paying job with better benefits if you don’t take the time to invest that retirement fund correctly?”

Ms Porter said that millennials “might not realize that if they do not have financial equality, they do not have independence”.
Ladies, it is your mission to disrupt this trend, stemming from the belief that your spouses are better with money and the belief that you have “no idea where to begin”. Let us walk together to empower our gender to financial freedom and security by increasing your financial knowledge and then taking control of your finances.

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