Almost 60% of women do not engage in aspects of their financial well-being: investing, insurance, retirement and other long-term planning.
The UBS Investor Watch: Own your worth report recently conducted research on how women around the world handle their finances. The report surveyed nearly 3,700 married women, widows and divorcees in Brazil, Germany, Hong Kong, Italy, Mexico, Singapore, Switzerland, the UK and the US.
The report concluded that 80% of women are highly involved in the day-to-day management of their finances. But, surprisingly, almost 60% of women do not have anything to do with their financial well-being: investing, insurance, retirement and other long-term planning.
We were also surprised to hear that younger women are even more willing than older women to leave investing and financial planning decisions to their spouses.
Just under 60% of women globally aged 20-34 were guilty of this, while this figure climbs to 69% in the UK, the second highest after Singapore.
In a world where millennial women are generally seen as independent, financially-savvy and aware of what they want it’s surprising to hear that so many are not taking control of their financial future.
This brings us to 2 questions.
1. Why are so few young women taking control of their financial future?
2. What can we do to enable more young women to take control?
Let us know your thoughts below.