Article Summary

• It isn’t easy to pin down a definitive answer on whether men or women handle the bulk of financial decision-making for a household, but it’s best to have a good understanding of your own personal financial landscape in order to make educated decisions.
• A financial advisor can help guide women through wealth transfers that may occur following the death of a spouse, the death of a parent, or due to a divorce. 
• Not all financial assets come with the same tax implications, which means decisions need to be strategic to maximize wealth. A financial advisor can help guide women through that process.
  

Head to a dinner party, ask the couples about who makes financial decisions in their homes, and the answers will undoubtedly vary, between couples and among them. The fact is, it’s hard to definitively pin down who handles the bulk of the financial decisions in a married household.

Some studies say women generally lead households on day-to-day spending, while others say men take the lead on financial investments. Regardless of surveys and trends, everyone understands their own financial decision-making footing within their own household, and that is what is most important.

However, forecasts indicate that focus on wealth management will put women in the driver’s seat over the next couple of decades as trillions of dollars are transferred, through divorce, widowhood and inheritance, to women.

It’s been coined the “great wealth transfer.”

Managing Inherited Wealth

For women who aren’t as fluent in the investment side of their lives, this great wealth transfer can seem daunting. This financial transition generally comes on the heels of an emotional upheaval, due to a death in the family or the loss of a relationship, and these transitions can involve several moving parts.

Many people find it helpful to give themselves time and space before making major financial decisions. 

It can be helpful for women to build or refresh foundational financial knowledge during major life events. We’re not talking about everyday banking, either.

We mean taxes, probate, wills, and investment fundamentals. If any of those terms feel foreign, it’s never too early to dig in and learn how to approach incoming assets thoughtfully.

It may be useful to understand the differences among common inherited assets, including individual retirement accounts (IRAs), brokerage accounts or real estate. Each has their own tax implications, which means knowledge is not only power, it’s critical. 

As women navigate these issues, while keeping up with the demands of everyday life, it is helpful to understand downstream implications that are not obvious at first. Many people choose to seek professional guidance for support during these transitions.

Resources For Women Navigating Inherited Assets

Financial empowerment for women begins with connecting them to the proper type of experts they need to make strategic decisions. At Svvy®, we connect women with pre-vetted financial experts so they can have informed conversations about their options. As a company that specializes in financial advisor matching, we pair women with a professional that aligns with their stated needs and preferences.

When it comes to protecting inherited assets, financial planning for widows, or planning for women’s financial security in general, the trustworthy financial professionals on the Svvy® platform support a range of planning needs. 

With a trustworthy financial expert, women who are managing money after losing a spouse or managing inherited wealth have a chance to feel more confident and less overwhelmed about their financial future. Many women start planning earlier to support their longer-term goals, including those that involve their family and their legacy.

If you’d like support, Svvy® can match you with a trustworthy professional in our network. 

Disclosure: This content is provided for general educational purposes only and does not constitute individualized investment, legal, or tax advice. Svvy® acts solely as a solicitor and connects and matches individuals with independent third-party financial professionals through a quiz-based matching process on the Svvy® Network. Matching is based on information provided through Svvy’s platform and does not constitute any advice. Any advice, recommendations, and services are provided only by the independent professional you choose to engage.