Recent research has found that more than 60 per cent of married women in the UK leave long-term financial decisions up to their husbands, and many admitted that they have been ‘discouraged’ from managing family finances.
According to a report from Swiss bank UBS, which carries out regular research into high net worth individuals, women focus more on short-term finances, with 85 per cent of married women taking the lead in this area.
The report found that 62 per cent of women who leave the longer-term financial planning to their husbands said they believed “a higher level of knowledge” was needed to make good investments.
According to the UK study, just 48 per cent of those questioned felt they had the required level of knowledge needed to invest, while 85 per cent felt their partners knew more about it than they did. Worryingly, 55 per cent admitted that their spouses discouraged them from being more involved in family finances.
It is worrying because, while almost 70 per cent of married women in the UK said they were confident in their ability to take on all finances should something happen to their spouse, almost half of those that have been widowed or divorced said they were not prepared financially.
As one commentator pointed out, this could mean that there will continue to be women without pensions who are reliant on their partner’s income, as well as women who find themselves on their own and with no idea about what to do with their money to ensure the best income.