Most men are disappointed when their wives do not take part in the family’s financial decisions, said Kelly Wittich, a financial advisor with UBS Wealth Management USA in Cincinnati.

Yet only 20% of couples equally share making financial decisions, said Wittich, who specializes in advising corporate executives

This contradiction and others were revealed in the third annual survey and report by UBS Wealth Management USA, which was released Thursday. The findings were discussed during a webinar yesterday. The study, “Own Your Worth 2021: Building Bridges, Breaking Barriers,” examines women’s and men’s attitudes toward wealth.

“When the wife does not want to join in the financial planning, it is a source of disappointment to 88% of men,” Wittich said. At the same time, 57% of women said they wish they were more involved. The study included 1,501 investors. Those between ages 25 and 30 had at least $250,000 in investable assets; those between 31 and 49 had at least $500,000 in investable assets, and those 40 years of age and older had at least $1,000,000 in investable assets.

“Although only 20% of women and men share long-term financial decisions equally, the majority of all women and men agree that working together would benefit both partners,” the report said. “Seven in 10 believe sharing in decisions would foster a greater sense of confidence and financial security. Women in particular would feel more prepared in case something happened to their spouse, such as illness, disability or death.”

In a somewhat contradictory finding, the study also showed that men feel they are more competent to handle the family finances; they think it is their responsibility to do so, and they do not fully trust their spouses to handle the money.

“Men can be the bridge that brings women into the family financial planning, but they can also be the barrier,” said Tom Huvane, a UBS managing director in New York City.

Wendy Holmes, a UBS private wealth advisor in New York City, explained that she was surprised “not much has changed” in regard to women taking a more active role in the family’s financial planning.

“I saw my mother and father divorce 25 years ago and my mother did not have the knowledge about finances that she needed,” Holmes said. “But I am now seeing the same thing in my new clients and among my friends. This fact has remained the same for a very long time, which is pretty striking.”

Eighty percent of women will end up solely responsibility for their finances at some point in their lives: so they should not be deferring those decisions to a partner, added Jennifer Povlitz, divisional director West at UBS Wealth Management USA. And yet, half of women who are part of a couple defer to a partner, Povlitz said.

“Advisors can help change this imbalance,” Povlitz said. To do this, advisors need to engage the entire family, added Huvane.

Mark Wilkins, a private wealth advisor in St. Louis, said a lot of the research continues to shock him because in the last few years he has seen more and more clients are women entrepreneurs. Yet some firms are not setting out to draw women into the financial planning process, he said.

“If it takes an event in a woman’s life, such as a death or divorce, for her to become involved in financial planning, we have not done our jobs,” Wilkins said. “Drawing women into the process is an approach we very intentionally use at UBS as we work with the entire family. It should be a process, not an event.”

UBS said in the report, “Many women believe indifference toward money management liberates them to focus on other things. In reality, it often traps them. When women don’t participate in financial decisions, they miss out on more than being an equal partner. They forfeit having a voice in decisions that will profoundly impact their family and their future.”