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Wealthy Millennial Women Tend to Trust Their Husbands for Investing

Many conversations about empowering women focus on negotiating pay increases, Ms. Porter said. “But what good is it for you if you don’t know what your savings plan will be with that little extra cash?” she says. “What’s the point of climbing that ladder and getting the next higher paying job with better benefits if you don’t take the time to invest that retirement fund properly?”

Sallie Krawcheck, CEO and co-founder of Ellevest, an investment platform for women, said millennials might not have realized that if they didn’t have financial equality, they didn’t. no independence.

“Young women haven’t had so many hard-earned lessons,” she says.

The UBS study has limitations: It did not investigate baby boomers when they were three decades younger, the age of millennials today, so it’s hard to conclude to what extent divergent attitudes are due. to age and acquired wisdom in relation to other changes. And the women surveyed, who all had at least a quarter of a million dollars in investable assets, may not be representative of their generation as a whole.

Erin Lowry, personal finance advisor and author of “Broke Millennial,” said that one of the reasons baby boomer women might be more likely to view financial independence as essential to equality was that they had witnessed what could happen without her: Many were raised by mothers who were refused loans or credit cards in their name, she said.

Ruth Bader Ginsburg, as director of the ACLU’s Women’s Rights Project in the 1970s, argued a series of cases that paved the way for the Equal Credit Opportunity Act of 1974, which prohibited creditors from asking questions about sex, marital status or use of birth. control.

“I know a lot of millennial women who are feminists, liberated and whatever, who let their husbands handle all the finances,” Ms. Lowry said. “It’s still an archetype in heterosexual relationships.”

One woman, a graduate student in her 30s, said that when she got married several years ago, her husband made most of the money and handled the couple’s long-term finances. This meant he had more of a say than she did in decisions such as where their daughter went to school and where they went on vacation, she said.