Women’s Involvement in Financial Decisions Still Lagging

By: Jennifer Collins, CFP®, Partner, Senior Wealth Advisor

A 2021 UBS survey [1] of women and married couples revealed that nearly half of the women surveyed are still abdicating their participation in financial decision-making. The interviews, with 1500 high-net-worth investors who had at least a quarter of a million dollars in assets, shed some light on how women perceived their roles when it comes to family finances.

In the 2021 “Own Your Worth” report, only one in five (20%) couples said they make financial decisions together. During the pandemic, stereotypical gender roles became exacerbated among couples when it came to discussing their wealth. According to the report, women deferred financial decisions to their spouses because they believed they lacked the knowledge (82%), the interest (73%), or the time due to shouldering the burden of household responsibilities (78%)[1].

More surprisingly, while nine out of 10 men who take the lead on finances want their spouse to become more involved in long-term financial decision making, only 57% of women who defer wish to be more involved [1].

It is often not until major life changes, including divorce and widowhood, that women are spurred into taking a more proactive approach to their financial matters. Eight out of 10 women will end up alone during their lifetime, either due to divorce or widowhood2. This is where we see a significant increase in financial involvement, with 71% of women indicating they got more involved in financial decision-making after their marriage ended and 74% after becoming widowed [2].

Finding themselves solely responsible for understanding investment options and making financial decisions, especially during a stressful time like a divorce or death of their spouse, can mean that these women struggle to manage. Not knowing the details of investments or estate planning can mean some unwelcome surprises like outdated wills, hidden debts or a distressed financial state.

The good news is that it’s never too late for women to become involved in understanding and actively participating in their financial lives. Two-thirds of women surveyed wished they had paid closer attention to their finances earlier in life and said they would encourage other women to take steps now to educate themselves about finances and take an active role in making decisions that will have a great impact on their futures [3].

At River Wealth Advisors, when working with married couples, we encourage both spouses to be informed and involved with the financial planning process. Having input from both helps us to refine the personalized financial strategies that will guide them through the changing currents of their lives.

We can also assist women who suddenly find themselves faced with making major financial decisions on their own and have limited experience with investment matters. According to a study conducted by Equitable in 2023,  women report improved results when they work with a financial professional. As evidenced by the study, 57% of women who work with a financial professional feel knowledgeable about their finances compared to 40% of those who do not. Similarly, 47% of those who have a financial professional say they feel calm about their finances, compared to 28% of other women. Women who work with a financial professional are more likely to have a formal retirement plan and much more likely to feel financially secure (67% to 28%), feel close to where they want to be financially (53% to 22%) and to feel they are saving or investing enough (52% to 20%) [3].

Disclosures: This article is provided for educational purposes only and should not be construed as investment, tax, or legal advice.  Financial planning recommendations should be evaluated based on each individual’s unique circumstances.  Past experiences, survey results referenced here, or working with a financial professional do not guarantee future outcomes. River Wealth Advisors is not affiliated with the organizations that conducted the referenced surveys.

Sources:

1 UBS, Own Your Worth, 2021

2 Equitable, “ Women, money and relationships: How women engage with money – and what changes with relationship status” October 2025, Yahoo Finance, Business Wire, UBS Reveals Top Reason Married Women Step Aside in Long-Term Financial Decisions: They Believe Their Husbands Know More, April 13, 2018

3 Equitable, “ Women, money and relationships: How women engage with money – and what changes with relationship status” October 2023, Bloomberg News, Business, Rise of “Gray” Divorce Forces Financial Reckoning After 50, Suzanne Woolley, April 18, 2018