Paula Polito, UBS Global Client Strategy Officer, says it doesn't have to be that way. Women don't need to be experts to break traditional gender roles and get more involved in their long-term finances. "I would be very encouraging to women to not fall into the tradition trap.… Women should just feel more confident. And it's okay not to have every answer."
In a special conversation on the UBS On-Air podcast, Polito joined UBS's Jane Schwartzberg, Head of Strategic Client Segments, and Carey Shuffman, Manager of the Women’s Segment, to discuss the Own your worth report findings and share insights on how women can see the bigger picture in their financial lives.
Changing the dialogue
With women living longer and divorce rates on the rise, UBS research finds that many women will become widows or divorcées. There are also many women who choose not to be in a marriage or partnership. Inevitably, 8 in 10 women will be solely responsible for their financial well-being.
In this video, Schwartzberg discusses why Financial Advisors can play a key role in addressing the unique needs of women—and why UBS is focused on doing exactly that. Women "have and will continue to have more wealth," she says. "So if you think about who really needs to be served, who needs to understand how to make their money work, what money can do, what wealth can do, how to plan for your legacy in retirement, it's really women."
Breaking from the status quo
Of the hundreds of divorced and widowed women UBS surveyed, nearly 60% wish they had been more involved in long-term financial decisions while they were married, and a full 98% urge other women to become more involved early on. Unfortunately, too many women ignore their advice.
One startling finding from UBS's research: 61% of millennial women are leaving financial decisions to their partners, compared with only 54% of women from older generations. "This seems almost counterintuitive that millennials are actually perpetuating the status quo rather than changing it," Shuffman says in this video.
Finding your voice
Talking openly about money can be an important step in your relationships, Shuffman adds. "Our research showed that both men and women really find it helpful to talk about finances with their spouse, with their partner, with their peers," she says in this video. "I think that if we can shift the dynamic and make money less of a taboo subject to talk about, we then open…the floodgates to make it be that you don't feel embarrassed to ask a question."
Are you ready to have a conversation about your financial future? Together, we can find an answer. Connect with your UBS Financial Advisor or find one.
* Own your worth—How women can break the cycle of abdication and take control of their wealth, 2018.
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