Males and females differ on many levels, more than just physical. Only by fully understanding financial challenges women face can they effectively plan financially for the future.

Often Women Leave Financial Planning to Their Spouses

A recent study by UBS Global Wealth Management found that 58% of women left critical money decisions to their male partners. Looking further at the results, women between 20-34 years old were more likely to defer monetary decisions to their spouses (56%) and women ages 51 and up were close behind at 54%.

Why That’s Not Smart Financial Planning

Passing money decisions to one’s significant other is not a wise move though in the unfortunate event that this person passes away unexpectedly. Or if there is a divorce.

The tragic reality is that often women outlive their male partners. As per MoneyNing, 80% of women die single while 80% of men die married.

If males are the ones in charge of financial planning, then there’s a real problem if widows don’t know their money details. Not understanding finances can lead to stress and bad money decisions, all on top of the grieving process.

Women Often Make Less than Men Too

Adding to the issue is that females frequently bring in less income than men. Yes, the gender pay gap still exists, whereby women in certain instances earn less than men for the same type of work.

Many reasons explain the uneven pay between genders, including women being less likely than men to ask for a pay raise or asking for less than a man might do in the same situation. Furthermore, women take time from work to have children, which results in lower income. And many more reasons.

Taking Ownership of Money Manners

The ideal situation is for husband and wife to sit down and talk about finances honestly. That includes present and future situations, as well as learning from mistakes of the past.

But ignoring her financial future is not the solution. It is also not setting an empowering example for one’s children.

Moreover, being financially smart gives a woman plenty of confidence. Which is a great role model for young girls.

To put financially planning in the hands of her partner is risky as then she has no control. And should something unfortunate happen to that other person, she’s at a loss knowledge-wise.

What are some other financial planning challenges of women? Feel free to share your thoughts in the comments section below.

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The information contained within this site has been provided as general information only and prepared without taking into account your financial position, objectives, and needs. You should consider its appropriateness and seek financial advice before making any financial decisions.