The role of women in the management of family finances has had a dismal record in past decades. Traditionally, men have taken the lead in earning and spending financial resources,
Women make up half of the workforce and entered the workforce in large numbers back in the ’70s. And all women spend money, even if it’s just buying groceries or spending their husband’s money. What they have been shut out of long-term financial planning, often by their own abdication.
TheStreet's Tracy Byrnes speaks with Paula Polito, Divisional Vice-Chair of UBS Global Wealth Management who believes there is clear progress led by women in the financial services industry and also by men who are helping to educate others.
Citing a new report published by UBS titled, 'Building Bridges, Breaking Barriers', Polito describes the importance of financial literacy for women, "They need to understand that money is important in their lives, in their children, in their futures, in their health, in their well being, in their retirement, in their security and having a vision of where they need to go with their spouse is very important".
Watch the video excerpt above. See the full interview here.