TAMPA, Fla., March 26, 2019 /PRNewswire/ -- According to a recent report by UBS titled "Own Your Worth," women are not taking an equal role to men in planning 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 85 percent 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, 74 percent of divorcees and widows discovered negative financial surprises when they were forced to take control, and most agree they 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 Theresa Bursey, Assistant Market Head for UBS's Florida Gulf Coast region. "However, research shows that women are actually better long-term investors than men are. Among the 19 percent of women who share the responsibility of long-term financial planning with their spouse, more than 90 percent have higher confidence in their financial future, make fewer mistakes related to financial planning, and feel less stressed about money."
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.
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