Tampa, Fla. (May 22, 2018) – According to a report published recently by UBS titled “Own Your Worth,” women are not taking an equal role in their financial futures.
Despite women’s advances on many fronts including education, government and the workplace, there is still a looming inequality with money and financial literacy. With the majority of married women focusing their efforts on day-to-day finances and paying bills, long-term financial planning is left to their husbands. This poses a serious problem when unforeseen circumstances occur, such as death and divorce. Women are left bearing responsibility for the consequences of financial decisions they did not make.
According to the report, 56 percent of women in couples still willingly leave investing and long-term financial decisions to their spouses, and more than 80 percent of women and men think that’s okay. Furthermore, 59 percent of divorcees and widows regret not being more involved in long-term financial decisions, and 98 percent of divorcees and widows would advise other women to take an active role in their finances now.
“Our study found that women generally overestimate the skills required to be financially prepared and underestimate their own capabilities,” said Greg Kadet of UBS Tampa. “However, research shows that women are actually better long-term investors than men are. The financial advisors at UBS want to empower women to take an active role in understanding their finances.”
UBS recommends that women interested in taking charge of their financial futures begin by following three steps. First, they should know your net worth and what their needs and goals are for the short-term, their lifetime, and their legacy. Second, women should share information and ask questions about money and finances openly with a community of peers. Third, they should set an example of financial equality for their family and loved ones.
Use this link to download the full report titled “Own Your Worth”, which details steps women can take toward financial independence: https://www.dropbox.com/home/UBS%20April%20Reports
UBS provides financial advice and solutions to private, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of a Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. Additional information is available at www.ubs.com/.