According to UBS Global Wealth Management’s latest Own Your Worth report, 74% of men and 82% of women see joint participation in long-term financial decisions as a necessary step to create gender equality. The report, which surveyed 1,825 high-net-worth investors in the US, found that a significant majority believe equal participation helps women to feel financially secure, avoid future financial surprises, and feel more secure about leaving bad relationships.
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“The pandemic made clear the inextricable link between health and wealth, and women are paying more attention to their financial well-being as a result. Hopefully, this awareness will lead women to engage more meaningfully in their financial wellness.”
Yet nearly half of women (49%) defer to their spouses, with millennials most likely to do so. Women cite a variety of reasons, from a lack of confidence to a desire to keep the peace, to entrenched roles—a dynamic further complicated by COVID-19.
“With the important focus on gender equality, it’s surprising that more women—particularly younger women—don’t participate equally in decisions that will impact their future so profoundly,” said Paula Polito, Divisional Vice Chairwoman of UBS Global Wealth Management. “The pandemic made clear the inextricable link between health and wealth, and women are paying more attention to their financial well-being as a result. Hopefully, this awareness will lead women to engage more meaningfully in their financial wellness.”
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The pandemic has reinforced traditional gender stereotypes between men and women
Amid the pandemic lockdowns, most women took the lead on domestic duties, such as homeschooling (64%) and childcare (60%). Most men took the lead on yard work (58%) and managing finances (71%).
As a result of the pandemic, however, women are increasingly focused on their financial future, with over 80% wanting to protect themselves and their families more than ever before. Yet, there is a gap between intentions and actions. One third of women have reviewed their financial situation, while 40% are considering it, but have yet to do so.
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