Women often leave long-term financial planning to their spouses, but those that make such decisions together report soaring satisfaction levels, a UBS survey reveals.

Many women are ill-prepared to take control of their finances as they often defer long-term financial decisions to their spouses after marriage, a UBS survey covering nine global markets has revealed.

While more than 80 percent of women globally take the lead in short-term finance decisions, decisions on investing, insurance, retirement and other long-term planning are often left to their husbands. The survey also revealed that younger women defer at higher rates (59 percent among women 20–34 years old and 59 percent among women 34–55 years old, compared to 51 percent among women 55 years and above).

In Singapore, where 286 women were surveyed, 72 percent said they let their husbands take the lead in long-term financial planning. This figure was the highest among the nine countries surveyed, with Hong Kong a close second with 71 percent of women saying the same. Only 39 percent of women in Mexico defer financial decisions to their spouses, the lowest among countries surveyed.

«Own Your Worth»

Titled «Own Your Worth,» the latest edition of UBS Investor Watch surveyed 3,652 married women, widows and divorcees in Brazil, Germany, Hong Kong, Italy, Mexico, Singapore, Switzerland, the U.K. and the U.S. to see how they approach their financial well-being and engage with their finances.

tracey woon ubs

Tracey Woon, Vice Chairman APAC, UBS Global Wealth Management

«This new UBS study highlights the opportunities for women to question assumptions and examine long-term wealth planning needs,» Tracey Woon, Vice Chairman Asia Pacific, UBS Global Wealth Management (pictured above) said about the findings.

Woon added that men and women need to change their dynamic when it comes to long-term financial planning, particularly because of circumstances that can force women to take control of their finances when they are least prepared to do so, such as divorce or the death of their spouse.

«Divide-and-Conquer»

In Singapore, 90 percent said they let their husbands handle long-term financial planning was because they think their spouse knows better about this topic, while 86 percent said that they take a «divide-and-conquer» approach, preferring to focus on other household responsibilities. 

Only 8 percent of women in Singapore said they shared such decisions with their spouses, the lowest among the countries surveyed, with Hong Kong again following closely at 9 percent. Mexico had the highest share of women who said such decisions were shared (32 percent). However, almost all women (96 percent) in Singapore who said they share equal responsibility for long-term investing said they feel more confident about their financial future.

Only 20 percent of women in Singapore with investible assets of US$1 million-2 million took the lead in long-term financial planning, but this figure grew to 34.2 percent among women with investible assets above US$5 million.

Engaging Women

Speaking at a media roundtable, Woon said UBS is increasingly catering its offerings to cater to women as they «want to have a different dialogue when it comes to investments» and «look at things beyond investment returns.»

«Many of our female clients express needs that are different from their spouses. This is why we have actively engaged them on interests that are close to the heart, everything from family’s succession planning, to philanthropy to sustainable investments,» Woon said.