More Women Handling Family Finances

housewife vintageAs women earn more money outside of the home and made bigger contributions to the family budget, they take a more active role in managing the family finances and participate more fully in financial decision-making.

That’s the results from a Money magazine national poll of more than 1,000 married adults.

“The more a woman contributes to the family income, the more likely she is to take the lead in both everyday money matters and long-term financial planning,” says Money.

“And husbands, by and large, appear pleased with the results.” they add.

On average, women in dual-earner households bring in half the family income.

And nearly a quarter of wives earn more than their husbands.

Nonetheless, in many families, money management skills don’t come naturally, to either the husband or wife.

Money remains “the top source of friction for couples overall” with most disagreement centered around spending.

The survey shows the more women earn, the more they worry about the family finances. Women definitely have a lot on their plates. Juggling jobs, kids, family chores, and money makes for a big load to handle.

One woman interviewed in the Money survey commented “It’s a constant struggle to be the best at my job, the best mom, the best wife, the best financial planner, the best home owner, the best coach. Sometimes I feel like there is so much expected of me.”

The Takeaway: Women need to take an active role in handling the family finances, regardless of what they earn. At some point, due to divorce, widowhood, or some other event, most women will be solely responsible for their financial security. And we’ve seen first hand how staying in the dark – and leaving all decisions up to one party – can led to disastrous results. So don’t wait until it’s too late to learn what you have – or don’t have – put aside for your future.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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