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Wives and Girlfriends: Stop Leaving Money Management to Your Partner!

As a wonderful woman, do you find yourself out of touch with your finances?  Do you rely on your spouse or partner to make all the financial decisions for you?

Have you ever thought you should do something about having some understanding about your finances, or to how you personally can empower your financial future?

The right time is right NOW to make a change! So, read on to learn how to take a few easy steps that could really help with your financial future.
 

A recent UBS Global Wealth Management survey of over 1,800 married men and women, including same-sex married women, recently found almost half of the women defer all major financial and investment decisions to their spouses.

The women surveyed cited such reasons for not being financially in control as: “not wanting to argue”, having “no idea where to begin” and believing their spouses were “better with money”.

 

While the sample of women in the study considered themselves to be “somewhat” wealthy (the lower end surveyed possessed at least $250,000 in investable assets), the financial imbalance in marriages and relationships underscores what is still occurring in 2020 as it has for decades – women really do need to gain a better understanding and control of their financial situation.
 

We are experiencing a global pandemic. More women are now losing their jobs or dropping out of the workforce at a higher rate than men, however, traditional gender roles in marriages and relationships continue, including deferring those important financial decisions to husbands or partners.


Part of the work I have been doing with As Good As Gold Women involves communicating with  women from their early 20s to their late 60s from diverse socio-economic and cultural backgrounds. We discuss their thoughts about money and investing, but often in the context of the conversation that involves their coupledom. Avoidance of financial understanding is a recurring narrative among the wives and girlfriends, and very often this behaviour has been passed down from previous generations.

 

Our lives change, situations transform. The global COVID-19 pandemic has shaken many of us when it comes to financial stability…essentially there is no guaranteed financial security when it comes to the financial markets, the share market, the property market, governments and professional institutions. We already know the risks inherent in these markets, let alone the insecurity of our jobs and our businesses, but even worse, have you asked yourself what will happen to you if your spouse or partner is no longer around?  What about if you are genuinely feeling financially trapped in a toxic relationship – can you extricate yourself and survive on your own?

 

These are the real questions we need to ask ourselves and hopefully, with a step in the right direction, there is light at the end of the financial tunnel.

If you find yourself out of touch with your finances, here are a few practical steps to help you with your spouse or partner. Ultimately, the goal is to feel like an active participant in the decisions that impact your financial life together.
 

Let’s look at the facts….

 

  • In 2020, more than 1 in 7 people are aged 65+ representing 15% of the Australian population

  • By 2037, 20% (one fifth) of Australians will be aged 65 and older

  • Women also outlive men - Australian women born today will live longer than their predecessors and live an extra 4.2 years than men

  • New figures from the Australian Bureau of Statistics show Australian female life expectancy has increased to 84.6 years, putting Australian women sixth in the world for predicted lifespan

 

So, women not only live longer, but they are also more likely to be alone in old age. Women often face higher long-term care costs.

At As Good As Gold Women, we need to start with these fundamental questions:

 

  • Where are women financially today?

  • Where will women be financially in the future?

  • What can be done to provide solutions to empower women towards a better financial future?

 

In Australia, the number of women over 55 years of age who find themselves destitute, without adequate financial support and lacking in job prospects is increasingly alarming, as is the rising number of women in their 20s who are struggling to pay off debts, or just live without overwhelming stress about finances.

 

As Good As Gold Women was established to close the gap between women suffering financially and those who invest for their future financial freedom - through education, information and by showcasing practical examples of our female clients, we are committed to inspiring all women to empower themselves.

Step 1 - Get Involved – it starts with a conversation.
This will require a conversation with your partner, but it does not have to be difficult. Perhaps approach the conversation by starting off with:  “I’ve been thinking about our financial circumstances, and starting this week, I’d like to be more in touch with our finances. You have been doing a great job on your own, but I feel like I am not involved, which we both know, is not ideal. It doesn’t help you or me when I’m not knowledgeable about things, and I would like to learn more and be involved.”
 

Hopefully your partner should understand and be open to continue the dialogue. If not, explore the reasons why – be mindful there could be greater issues involved. I truly hope this type of conversation goes smoothly for you. Ultimately, you should not feel like you need to obtain permission to know how the joint finances are being managed.

 

Step 2 - Access and Transparency. 

Ask to share passwords to provide you with access to financial information and documents about your joint financial situation. On your own time you can log in and review balances and become more familiar with the investments, the products and the numbers.

Step 3 - Build your Knowledge. 
Expand your knowledge. Dedicate weekly time to researching and reading about financial products and your very own investments. Communicate with your partner and keep building on your own knowledge. Your investments and long-term financial plan can be a lot to digest in one conversation, so pace yourself and commit to learning something new at each meeting.
As an example, the first conversation can be focused on retirement – find out about  your contributions. The next conversation could be about life insurance, followed by your will and then long-term financial investments.

Step 4 - Consider purchasing Silver and Gold

As Good As Gold Women is the first precious metals company in the world dedicated to helping women towards financial freedom through precious metals. We understand that it can be daunting at first, but silver is VERY affordable right now. Both gold and silver represent extremely valuable means of saving. Silver, however, due to manipulation by central banks, now stands at a ratio of approximately 73:1 Silver vs Gold. In 1980, Gold to Silver ratio closed in to approximately 18:1 Silver vs Gold, based on age old knowledge of 15:1 ratio, that is Silver to Gold availability under the Earth's crust. For this reason, Silver has a greater upside or more room to move.

Why should you invest in Precious Metals?

The value of the dollar, and investments attached to the dollar, like stocks and bonds, has been on the decline. Meanwhile, the value of precious metals is not dependent on the dollar, and in fact, generally increases when the value of the dollar decreases. Similarly, precious metals can never completely lose their value, unlike FIAT currency that historically goes back to its intrinsic value of zero, gold and silver account for excessive printing of currency and in the process always represent a store of value.

At As Good As Gold Women, all that is needed is a conversation about your decision to purchase gold and silver. We send you an invoice and you can choose to have your precious metals securely sent to you by a trusted courier, or, you can choose to keep them in the best vaulting facility in Australia - we take care of everything for you.

 

Do It Yourself – Simply Open an Online Account
You are welcome to place orders with us over the phone, but opening a secure online account will allow you to place trades faster, track your orders, see when your payments process, track when your package was shipped, and receive notification of special offers.

Want to find out how easy it is to purchase your own gold and silver?

Gold and silver products:  http://www.asgoodasgoldaus.com.au/ 

Want to find out more about how to build financial security?

Find out how easy it is to build your wealth by purchasing silver and gold coins, bars and bullion – I would love to help empower you towards your financial future  - drop me a line or two at  carmelle@asgoodasgoldaustralia.com.au

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© 2019 As Good As Gold Women - an initiative of As Good As Gold Australia.

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As Good As Gold Australia (Head Office)

Level 30, 91 King William Street

Adelaide SA 5000​

1300 295 833​

enquiries@asgoodasgoldaustralia.com

Disclaimer: As Good As Gold Australia is not a financial services business and is not licensed or authorised to give investment advice or provide financial services. As Good As Gold Australia does not accept any liability for any financial or investment decisions made on the basis of the information presented on this website, any interviews, articles, email marketing or any other representation provided by As Good As Gold Women or As Good As Gold Australia. Any information provided does not constitute financial or investment advice, and should not be taken as such. As Good As Gold Australia recommends that you obtain professional advice, and take into account your particular investment objectives, financial situation and individual needs before proceeding with any financial decisions.