Are you a woman who is in control of your finances?
With many women likely to become solely responsible for their financial wellbeing at some point in their lifetime, you might very well want to be in control of your finances from now.
Along with higher rates of divorced couples and with women living longer than men it brings to light an important point. If you’re a woman, there is a strong likelihood that at some stage in your lifetime you’ll be responsible for your own financial wellbeing. Maybe you are already.
If you’re thinking, (me!) my other half will always take care of me. Consequently, you might be interested to know that according to a study published by UBS Wealth Management last year, eight out of 10 women will become solely responsible for their financial wellbeing at one point or another.
Taking Control Of Your Finances
Take a look at some of the insights that came out of this report. As well as what tips women had for other women in regard to their money matters.
Findings from the report
Some of the statistics that came out of the study included the following:
59% of divorcees and widows wish they’d been more involved in long-term financial decisions.
56% of divorcees and widows discovered financial surprises after the fact, such as high debt, outdated wills and hidden accounts.
53% would have done fewer household chores to find more time for finances.
98% encouraged other women to take a more active role in their money matters.
Besides that, according to the report, younger women were perpetuating rather than transforming the status quo, with 61% of Millennial women leaving financial decisions to their partner. This is compared to 55% of Generation X women and 54% of Baby Boomer women.
Despite this, younger women were also more likely to believe they should be doing more to better manage their finances than their older counterparts.
Why Woman Should Take Control Of Their Finances
Meanwhile, the reasons why women minimized their role in major financial decisions, included men being seen as financial providers. Men were also often being the bread winners within the household. Time constraints provided challenges for women, as they often took on the majority of child and household duties. Which included paying bills and tracking day-to-day spending.
Actions you could take today
Some insights that came out of the research included:
=> Know what assets and liabilities you have
=> What you want in life
=> How much cashflow do yo need to meet your short-term expenses
=> Know what you’ve got (or need) behind you for your longer-term needs, like retirement
=> What you want beyond that, such as whether you want to leave an inheritance
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