A<\/span> concerning trend is emerging across the U.S.: increasingly, married couples are getting divorced later in life.<\/p>\n Nowadays, more than 1 in 4 people<\/a> over the age of 50 are separating permanently, according to The Journal of Gerontology<\/em>. And given longer life expectancies for women, those who remain married are likely to outlive their spouses.<\/p>\n Data from UBS Global Wealth Management\u2019s 2021 Own Your Worth<\/a> report shows how these numbers can be particularly problematic for women in the equation. For example, consider that nearly half of women in heterosexual couples surveyed said their husbands take responsibility for long-term financial decisions. The most cited reason for why is that they believe their husbands know more.<\/p>\n And yet, 68% of men in such couples say a key reason they take control of their household finances is to protect their assets in the event of a divorce\u2014while less than half of women think the same way.<\/p>\n Baby Boomer women are the least likely generation to aspire to become more involved in financial decisions, according to UBS\u2019s report. Yet, increasing lifespans, higher divorce rates and decreasing rates of marriage mean 8 in 10 women will end up alone and solely responsible for their financial wellbeing one day.<\/p>\n Women who choose not to get involved with household finances are putting their financial futures at risk. Whether caring for aging parents and small children or nearing retirement and working toward lifestyle maintenance, being involved with financial responsibilities can help alleviate future burdens and ensure women and their families are protected now and into the future.<\/p>\n Women need to prioritize their financial health, just like their physical and mental health. Otherwise, they put other aspects of their lives at risk, especially if they\u2019re eventually left in a position where they have to figure it out independently. But how exactly can couples engage in finances together and ensure both partners have a seat at the money table? Here are four ways couples can get started:<\/p>\n One of the first steps couples should take is to have a conversation with their partner to ensure both parties are on the same page regarding financial goals and expectations. The discussion can start more broadly and focus on shared values before easing into specific actions or tasks.<\/p>\n For example, discuss who the most important people in your lives are, what you\u2019re each most concerned about, or what your retirement dreams are. If you have disagreements with your partner, find a compromise that includes important elements to both individuals.<\/p>\n Asking for shared access is another important step toward involvement\u2014knowing usernames and passwords for all investment and retirement accounts is critical to sharing responsibility and how key documents are set up and where they are, such as wills and estate plans, or powers of attorney.<\/p>\n Once the line of conversation has been opened, couples should consider meeting with a financial advisor or professional to develop a plan that can help them achieve their long-term goals and ensures both individuals have a seat at the table. Both partners should begin thinking about wealth across key dimensions, including near-term liquidity for current lifestyle maintenance, longer-term needs throughout their lifetimes, and legacy goals to help improve the lives of others.<\/p>\n Another way to make easing into these topics more inviting for both parties is to go on a \u201cmoney date.\u201d<\/p>\n Pick one financial topic to discuss. You don\u2019t have to spend the whole night talking about it, but dedicate specific time for a discussion on debt, retirement, life insurance, or any other topic. Have such a discussion over an evening out \u2013 or an evening in \u2013 helps alleviate tension and allows for a more relaxed dialogue.<\/p>\n Women, in particular, should also set aside time to grow their financial confidence and identify areas in which they\u2019d like to learn more or fill in any existing gaps.<\/p>\n UBS\u2019s report reveals 96% of women believe they should be more involved in long-term financial decisions, but 82% of women say a primary reason they defer to their husbands is that they believe their spouse knows more about the subject. And 70% of women say that women overestimate what\u2019s required to be financially engaged.<\/p>\n While men can certainly encourage women to be more involved in finances, women should also take the initiative to empower themselves with financial knowledge by asking questions, talking to trusted friends and loved ones, and utilizing professional resources and educational materials. The Own Your Worth financial participation website<\/a>, is one such helpful resource.<\/p>\n Following these steps can lead to more open dialogue with your partner about finances as a joint decision \u2013 and the benefits of collaborating are significant.<\/p>\n According to the Own Your Worth report, seven in 10 couples said sharing responsibilities in financial decisions would foster a better sense of financial security and make them feel more confident in their financial futures. From the female perspective, eight in 10 women believe that equal involvement would make them feel more prepared if something happened to their spouses, such as disability, illness, or death. Putting money conversations on the table can make both parties feel heard, alleviate stress around money and build a stronger, trusting relationship.<\/p>\n How couples can engage in finances together<\/p>\n","protected":false},"author":3,"featured_media":11751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[144,145],"tags":[],"class_list":["post-11675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fall-2021","category-fall-2021-columns"],"acf":[],"_links":{"self":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/11675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/comments?post=11675"}],"version-history":[{"count":9,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/11675\/revisions"}],"predecessor-version":[{"id":11981,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/11675\/revisions\/11981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/media\/11751"}],"wp:attachment":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/media?parent=11675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/categories?post=11675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/tags?post=11675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Start with Clear Communication<\/h3>\n
Involve a Money Mediator<\/h3>\n
Go on a \u201cMoney Date\u201d<\/h3>\n
Invest in Informational Resources<\/h3>\n
Carey Shuffman, Director & Head of the Women\u2019s Strategic Client Segment at UBS Global Wealth Management USA<\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"