Women need to take financial control of their lives and start setting an example for the next generation of women, according to a report released recently by UBS.

The report urged women to calculate their net worth and outline their needs for the short term, their life-time and their legacy. It also said women should “find their voice and honestly discuss finances with their spouse.”

Women are abdicating their role in financial decisions because they dramatically underestimate their own capabilities while overestimating what is required to be financially involved, the report said.

According to the report, 56 percent of women in couples still willingly leave investing and long-term financial decisions to their spouses, and more than 80 percent of both women and men think that’s OK. The survey included nearly 2,300 individuals and couples.

In addition, 59 percent of divorcees and widows regret not being more involved in long-term financial decisions, and 98 percent of divorcees and widows advise other women to take an active role in their finances while they are married, according to the report.

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