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Lesko Financial: Insight for Women Deferring to Men for Financial Tasks

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Bryanna: It may be hard to believe in this day and age, but many women still defer financial tasks to the men in their lives. Greg Lesko of Lesko Financial has some insight on the problem and its remedies.

Greg: A wealth management firm recently surveyed 1,500 married people and an additional 600 divorced or widowed women. The results showed some disturbing persistent habits. Even if the women said they handled some of the day-to-day money tasks, more than half reported leaving investment decisions and financial planning to their husbands or partners. Many women said they felt the men in their lives knew more about finances and that they also preferred letting them handle these matters.  

Bryanna: What are the problems such decisions could cause?  

Greg: The harsh reality is that more than half of all marriages end in divorce. And, that women tend to outlive men. A “hands-off” approach to money could harm them down the road. They may feel confused tackling routine financial tasks. Even worse, they may not be able to make the best decisions for their retirement and financial security.

Bryanna: How can women avoid being in this vulnerable situation?  

Greg: This report was a wake-up call… not just to women but for everyone. Even if you let a partner handle the actual money tasks, you need to stay informed about your own finances. You don’t need to become an expert, just get an understanding of what you owe, what you own and the basics of income and outgo.
the goal is for each person to become aware and involved when it comes to something as important as finances.