For decades, the slogan “female rights” has been used to encourage and celebrate women's empowerment, independence and self-confidence. The most commonly used terms are related to sports and employment; however, new research shows that women need to play their part Girl power In terms of financial and financial planning.
According to a recent study released by UBS, 58% of women worldwide postpone long-term financial decisions to their spouses. The study included nearly 3,700 high net worth marriage women, widows and divorced people in nine countries. The results of the study show that 85% of women are responsible for their daily finances; they are not long-term.
What's really interesting is the intergenerational span of the survey, most notably the generation that is most likely to let others control their decisions: Millennials! Millennials are a generation known for promoting equality and empowerment. Unfortunately, the results of the survey show that the helicopter-based parenting generation has been promoted, and others have always ensured that their happiness has flowed into the financial sector. 59% of millennial women aged 20-34 are more likely to lead spouses, compared with 55% of women over 50 who are more likely to lead. The general excuse for young women is “more urgent responsibility than investment and financial planning.” What is more inconsistent with the equality movement is that they “believe that their spouses know more about their long-term financial situation than they do”.
The challenge with this arrangement is that if there is a life event such as death or divorce, there is a lack of preparation and understanding. According to the report, 74% of widowed and divorced women surveyed said “a negative economic accident was discovered after the spouse divorced or died”. The hindsight led to 74% of respondents hoping that they would be more involved in long-term financial decisions when they were married, rather than trying to guide them in response to such a major change in life. "
The ideal solution is to let both partners understand the short- and long-term aspects of their finances. Whether you are married, engaged, common law or a commitment, financial planning is another part of establishing a responsible long-term arrangement between the parties. In this era, knowledge is indeed power. So be strong and control your money.
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