"In fact, as noted by Suze Orman, "According to the New York Life survey, more than 6 in 10 men report they make all or most of the financial decisions in their household. Maybe some of that is bluster, but I think it is generally true. And indeed, in the same survey, less than 4 in 10 women said they were in charge of financial decisions." Of course, this differs in a variety of households. But for our purposes, let's focus on why Suze Orman says this needs to change."
"She notes that married women are less likely to help take on "big-ticket" decisions that could have a substantial impact on the household's financial security, investment and retirement account management decisions, as well as decisions on insurance and mortgage. Orman added, "To not engage in and understand your family's finances is to embrace weakness. You can't be financially secure if you don't know what decisions are being made, and don't understand the ramifications of those decisions.""
Surveys show a gender imbalance in household financial control, with more than 60% of men reporting they make most financial decisions while fewer than 40% of women report being in charge. Married women often avoid high-impact "big-ticket" choices affecting financial security, investments, retirement accounts, insurance, and mortgages. Lack of engagement leaves surviving spouses unprepared to manage finances. Only about 20% of couples make long-term financial decisions together, even though both partners say involvement should be equal. Greater joint participation increases confidence about the future and reduces financial anxiety.
Read at 24/7 Wall St.
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