FASTER THAN A SPEEDING BULLET - COULD LEAP TALL BUILDINGS IN A SINGLE BOUND

March 07, 2019 | Sandra Pierce


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I loved superheroes growing up.  My TV habits consisted of watching Wonder Woman, The Bionic Woman, and Charlie’s Angels.  I loved comic books, whether super-heroine or villainess – the comic book world was filled with influential female characters.  I wanted to be Wonder Woman when I grew up for many reasons, including her fashion sense.

I think I speak for all women when I talk of the desire to be empowered.  And, it’s safe to say, that we have made progress in leaps and bounds in so many areas of our lives.

But I believe that one thing that continues to hold women back today is in regard to family financial decisions.  It’s proving to be our kryptonite and is continuing to hinder our fight for gender equality.

A  just published UBS Global Wealth Report, surveying women investors around the world on their approach to their financial well- being, illustrated we’ve still got a long way to go.

Globally, 58% of high-net worth women leave decisions about retirement planning, insurance, and long-term care to their husbands.

We’re great when it comes to short-term finances.  85% of women are highly involved with things such as daily expenses, budgeting and cash flow.

But many women continue to adhere to the traditional “divide and conquer" approach in managing their finances (what I refer to as the ‘biological division of duties”: I give birth and I take care of the household; You, husband, manage the money), where their spouses manage the critical long-term planning.

Key Findings

Reading these conclusions, especially on the cusp of International Women's Day, has made me very sad.

The most frequently cited reasons include: “I think my spouse knows more about this topic than I do” (82%); “I focus on other responsibilities” (79%); “My spouse is the primary breadwinner” (78%), and “I’m not interested in planning and investing” (68%).

Additionally, more than half (56%) of women say “my spouse discourages me from being more involved.”

And millennial women (age 20-34) are even more likely to let men lead than previous generations, according to the report.  Surprisingly, millennial women in the U.S. are even less likely to take charge, with 56% of women age 20-34 deferring to their spouse, as opposed to 54% of women over 51 years of age.

The Risk of Not Being Involved

Sadly, the first time many women are introduced to the important financial decisions that have been made for them is during critical life moments, such as divorce or the death of a spouse.  The study found that an overwhelming number of widows and divorcees (74%) discovered negative financial surprises when they were forced to take control.

Benefits

I know the positive benefits of couples working together. I witness it every day in our practice.  The women are confident and less stressed, and would never say their spouse knows more about finances then they do.

SO, just as Wonder Woman fought for justice, my goal has and will continue to be to fight for the financial empowerment of women.  Maybe I'm not a SUPERHERO, but perhaps a little hero.