From CNN Money authored by Kelly Wallace:
“Women are more educated, accomplished and empowered than ever before. But when it comes to married women investing and managing their money, it feels like we’re stuck in the 1950s.
A new report from UBS found that 56% of married women leave investment and long-term financial planning decisions to their husbands, and 85% of women who defer to their husbands believe their spouses know more about financial matters.
It’s not just older generations. Millennial women are more likely to leave investment decisions to their husbands than any other age group, based on the report, which included surveys with nearly 1,700 married couples, including heterosexual and same-sex couples.
Here’s why these numbers are a concern: Women are living longer than men. The average life expectancy for a woman is five years more than a man’s, and the divorce rate among couples 50 and older has just about doubled since the 1990s. These two forces mean that eight out of 10 women will end up alone and solely responsible for their financial well-being, said Jane Schwartzberg, head of client segments for UBS Wealth Management USA.
“It’s a big problem because we’re not going to be prepared for what inevitably is going to come,” she said.”
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