The reasons why men and women tend to accept financial disparity and its consequences in the USA were highlighted in a report that was published by UBS Wealth Management USA recently in a white paper.
According to the report titled “Own your worth,” investment and financial decisions are left to their husbands by 56% of married women while about 85% of such women expressing faith in the greater wisdom of their husbands in matters of finance and investments.
The report further found that despite research findings of 8 out of 10 women ultimately staying alone because of divorce or widowhood, a vast majority of women (80%) surveyed expressing satisfaction at the manner in which financial responsibilities are distributed currently.
An earlier investigation by UBS had found that at least 85% of all couples in the U.S. ultimately need long-term care in their lifetimes where women tend to live longer than their husbands. In this context the recent report claims that financial surprises, including outdated wills and previous debts spring up for nearly half of the women divorced or widowed. This has the potential for such women ending up as liabilities for their children.
The report also suggests a three-step action-oriented process which can be used by such women to take control of their wealth.
The report also notes that regret on not having been engaged in long-term financial planning were expressed by 59% of widows and divorcees while almost all of the people surveyed said that they would engage in encouraging women to take measures so that they are better involved in their financial and investment matters.
"The twin forces of longer life expectancies and high rates of divorce have produced a sobering likelihood, that more women will end up alone and solely responsible for their financial well-being," said Paula Polito, Global Client Strategy Officer of UBS Global Wealth Management. "What's most concerning is that women are more educated, successful and outspoken than ever, yet 60% continue to abdicate important financial decisions that affect their future."
Some of the top rated-reasons for the married women not getting involved in financial and investment matters and leaving the burden on to their husband include the non-catering of women customers by financial companies, societal norms and family dynamics, the report noted.
Married women who are millennials are the group that want to leave their financial and investment decision to their husband with 61% of such women saying so. This number if much more than any other generation, according to the report.
The report found that examples set by their parents are followed by a large section of the women surveyed. It noted that 6 out of 10 women who were brought up in a family where their mother did not have any say in strategic decision making in terms of finance and investments follow the same tradition in their lives. And even today, majority those mothers who have children below the age of 21 years feel comfortable with the thought that the husband of their daughters taking all decision with relation to finances and investments.
The report arrived at the conclusions through a detailed survey of 599 women in the time period of September 21 and October 4, 2017. Among the sample, 272 were divorced and 315 were widowed (within the last five years. At least $250k were present with all of the women to be invested. In addition, the survey also mapped 1,474 married heterosexual couples in the time period of February 21 to 26, 2018 comprising of 961 women and 513 men who possess at least $250k in investable assets.
(Source:www.businesswire.com)
According to the report titled “Own your worth,” investment and financial decisions are left to their husbands by 56% of married women while about 85% of such women expressing faith in the greater wisdom of their husbands in matters of finance and investments.
The report further found that despite research findings of 8 out of 10 women ultimately staying alone because of divorce or widowhood, a vast majority of women (80%) surveyed expressing satisfaction at the manner in which financial responsibilities are distributed currently.
An earlier investigation by UBS had found that at least 85% of all couples in the U.S. ultimately need long-term care in their lifetimes where women tend to live longer than their husbands. In this context the recent report claims that financial surprises, including outdated wills and previous debts spring up for nearly half of the women divorced or widowed. This has the potential for such women ending up as liabilities for their children.
The report also suggests a three-step action-oriented process which can be used by such women to take control of their wealth.
The report also notes that regret on not having been engaged in long-term financial planning were expressed by 59% of widows and divorcees while almost all of the people surveyed said that they would engage in encouraging women to take measures so that they are better involved in their financial and investment matters.
"The twin forces of longer life expectancies and high rates of divorce have produced a sobering likelihood, that more women will end up alone and solely responsible for their financial well-being," said Paula Polito, Global Client Strategy Officer of UBS Global Wealth Management. "What's most concerning is that women are more educated, successful and outspoken than ever, yet 60% continue to abdicate important financial decisions that affect their future."
Some of the top rated-reasons for the married women not getting involved in financial and investment matters and leaving the burden on to their husband include the non-catering of women customers by financial companies, societal norms and family dynamics, the report noted.
Married women who are millennials are the group that want to leave their financial and investment decision to their husband with 61% of such women saying so. This number if much more than any other generation, according to the report.
The report found that examples set by their parents are followed by a large section of the women surveyed. It noted that 6 out of 10 women who were brought up in a family where their mother did not have any say in strategic decision making in terms of finance and investments follow the same tradition in their lives. And even today, majority those mothers who have children below the age of 21 years feel comfortable with the thought that the husband of their daughters taking all decision with relation to finances and investments.
The report arrived at the conclusions through a detailed survey of 599 women in the time period of September 21 and October 4, 2017. Among the sample, 272 were divorced and 315 were widowed (within the last five years. At least $250k were present with all of the women to be invested. In addition, the survey also mapped 1,474 married heterosexual couples in the time period of February 21 to 26, 2018 comprising of 961 women and 513 men who possess at least $250k in investable assets.
(Source:www.businesswire.com)
Homepage
Send to a friend
Printable version
Share
