An increasing number of women are leaving big financial decisions to their spouses, according to a UBS Global Wealth Management survey. 56% of females aged between 20 and 34 admit that their partner makes monetary decisions for them. Meanwhile, 54% of women over the age of 51 said their spouse handles their finances. However, this lack of financial involvement could be seriously hindering your long-term future.
40% of American females admit that they wouldn’t be able to sustain their existing lifestyle if they suddenly lost their job. 22% say they would have to make immediate changes, should a job loss occur. In addition, just 40% of females anticipate their financial situation improving during 2019. Worrying about money typically results in poor mental well-being and sleepless nights. But, by being more involved and openly discussing money with your partner, you’ll be more aware of your current financial setup. As a result, you’ll feel more optimistic about your situation and be prepared to deal with any existing issues, as well as new ones as and when they arise.
Better planning & spending
Even though so many women are letting their partners handle their cash, the nation’s females have good intentions with their money, according to Lincoln Financial’s Love and Responsibility Survey. 90% say that saving for retirement is a priority. However, a SaveUp survey has revealed that women typically have approximately $11,000 less than men do in their retirement pot. Furthermore, women spend more of their cash on toiletries, beauty products and treatments, and clothing compared to men. However, being smart with the way you pay for your purchases can make all the difference to your finances. If you pay with a credit card which offers cashback, you’ll earn money back on each and every item you buy. This effectively means you’re getting the item for less.
Business Insider reports that up to 50% of divorces are due to money issues, and starting a marriage with debt on your shoulders typically results in lower marital satisfaction. Although it’s well documented that money can’t bring you happiness, these facts highlight how it can impact your relationship. Thankfully, when both partners share responsibility for their money, talk about their values, and make compromises, they’re more likely to enjoy a happy and prosperous future together. What’s more, when women openly talk about money, they have a greater chance of achieving positive outcomes, according to Merrill Lynch.
Millions of women are choosing to leave financial decisions to their spouse. However, this can impact your overall well-being, long-term goals, and relationship. It’s therefore crucial for women take on their share of financial responsibility and work with their partner to determine the best way to handle their cash.