Marriage is often viewed as a romantic partnership where resources and responsibilities are shared equally. However, marriage is also a significant financial partnership, often more than most people realize.
Romantic delusions, societal norms, and traditional gender roles can lead to women giving up a significant degree of their financial freedom when they marry. This loss of financial independence can have long-term consequences on a woman’s economic security and personal autonomy, often leaving women without the ability to leave the marriage or control their own destinies.
A 2021 YouGov poll found that 35% of women are completely or somewhat financially dependent on their partner, compared to 11% of men. And a Glamour survey found that one in three women have stayed in a relationship because they didn’t have the money to leave.
To empower women, let’s explore how women give up their financial freedom when they marry and which strategies help to maintain financial independence within a marriage.
Traditional gender roles often dictate that men are the primary breadwinners while women manage the household and childcare responsibilities. These roles have recently become “en trend” with the “Trad Wife” movement on social media. This dynamic, however, can lead to women earning less or not earning at all, creating a financial dependence on their husbands. The income disparity that results from these roles can make women vulnerable to financial instability in case of abuse, divorce or the death of a spouse.
Also, many couples choose to merge their finances through joint bank accounts and shared investments. While this can simplify financial management, it can also lead to unequal power dynamics. If one partner controls the finances, the other may have limited access to money and decision-making power, which can erode financial autonomy.
One way to maintain financial independence is for women to make their own money and keep separate bank accounts, in addition to a joint account for shared expenses. Work from home positions are making it easier than ever for stay-at-home moms to earn an income, while tending to the needs of their families. This allows each partner to have control over their hard earned dollars while still contributing to the household, and ensures that both partners retain some financial autonomy.
Another way to maintain equal power in a relationship is to strive for equal participation in financial decision-making. In many marriages, one partner (often the man) may take on the role of managing the finances. This can leave the other partner (often the woman) less informed about the couple’s financial situation.
Equal participation means both partners should be involved in budgeting, investing, and planning for the future. Regular financial discussions can help ensure that both partners are informed about all marital assets and have a say in how money is managed.
We should also recognize that women often make career sacrifices to take care of children or elderly family members. In a 2013 survey conducted by the Pew Research Center found that mothers were much more likely than fathers to report experiencing significant career interruptions in order to attend to their families’ needs.
These sacrifices can result in lost income, missed opportunities for career advancement, and reduced retirement savings. Women who step back from their careers may struggle to re-enter the workforce or find that their skills are outdated. In turn, they never catch up to their male counterparts and ultimately earn less throughout their lives.
Women should prioritize their career development, even after marriage. This includes continuing education, seeking promotions, and balancing work with family responsibilities. Couples can support each other by sharing household and childcare duties, allowing both partners to pursue their professional goals.
Further, improving financial literacy is crucial for maintaining financial independence. Women should educate themselves about personal finance, investing, and retirement planning for the future. Education can be gained through books, online courses, workshops, or financial advisors. Being financially literate enables women to make informed decisions and manage their finances effectively.
Armed with this knowledge, women can maintain their own financial plans that include savings, investments, and retirement accounts. Planning for the future ensures that women are prepared for any eventuality, such as divorce or the death of a spouse.
Lastly, prenuptial agreements can protect a woman’s financial interests in case of divorce. It outlines how assets and debts will be divided and can provide financial security. While prenuptial agreements are often seen as unromantic, they are practical tools for ensuring that both partners enter marriage with clear expectations.
While marriage is a partnership, it is important for women to maintain their financial independence to ensure long-term security and autonomy. Empowering women with the tools and knowledge to manage their finances will lead to stronger, more equal partnerships and allow women to have ultimate control over their lives.
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