Consumer

/

Home & Leisure

Carla Fried: 'My husband handles the money' — what decade is this?

Carla Fried, Rate.com on

Published in Home and Consumer News

A recent UBS Global Wealth Management survey starts out encouragingly enough: Nearly eight in 10 millennial women say they will share responsibility for household finances with their spouses. And they think that approach is overdue: Two-thirds say other married women rely on their spouses too much on the money stuff.

But after the wedding, things don't turn out that way. Among married millennial women, 54% said they let their spouse take the lead. That was higher than the percentage of Gen X and boomer married women who defer to the mister. The reasons millennial women give:

--Nearly six in 10 say it's to avoid disagreements.

--The same percentage copped to wanting to be taken care of.

--Seventy percent defer because they "have no idea where to begin."

--Three-quarters believe their spouse knows more.

 

There is no question this is messy terrain to navigate. There's the relationship itself. And your relationship to money. And the fact that life is already crazy busy, so spending time learning something new -- that's not necessarily intuitive or fun -- isn't a high priority once you realize you can pawn off the work to someone else.

Understood. But all of that does not make it smart. Or OK.

In the spirit of pep talks, here are a few reasons millennial women -- and Gen Z right behind 'em -- should push themselves to fully engage in family finances.

Are you sure he knows more? This is especially worth considering if your spouse is a man. When it comes to all sorts of money decisions, research suggests men are more confident than women. Often overconfident.

...continued

swipe to next page