When it comes to financial planning, most Hong Kong women leave it to spouses ‘as they know better’
- 71 per cent of women in Hong Kong leave long-term household financial planning, like investing, insurance and retirement to their spouses
Women still have much progress to make before being equal or taking charge of life-changing financial decisions with a partner, according to a UBS survey released ahead of International Women’s Day on Friday.
This year’s theme of Balance for Better for the United Nations-recognised annual event is projected at accelerating gender balance. But from a financial planning perspective, there is still a way to go before this is achieved.
The UBS study found that over 80 per cent of women worldwide are highly involved in short-term finances, like daily expenses, but almost 60 per cent do not participate in any long-term household financial planning, like investing, insurance and retirement.
In Hong Kong, 71 per cent of women leave these decisions to their spouses, making it the second highest group globally after Singapore, with 72 per cent.
The least likely to defer decisions to spouses were from Mexico and Brazil, while the US and Europe were more constant with the average, ranging between 52 and 69 per cent.
The UBS investor watch study surveyed nearly 3,700 women in nine countries across the Americas, Europe and Asia. It included 367 women in Hong Kong: 100 were widowed or divorced, and the rest married.