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Who is the money manager in your home? A new study says women often leave it to the men


A recent study by IPC Private Wealth found many women preferred to let the men in their lives handle their finances.

The investment firm recently polled 400 affluent Canadian men and women, with at least $500,000 in investable assets.

Seventy-four per cent of men said they were the lead financial and investment decision makers in their household.

Only 46 per cent of the women polled said they lead the way when it comes to money matters in the home.

“Women tend to take a backseat and they’re happy to do so,” Melanie Twietmeyer, wealth advisor for IPC Securities, said.

“There’s only so much they can handle in their careers and their family lives.”

Nest-egg inequality: Why women need to save more for retirement

Twietmeyer said there is a danger in going this route. Marriages can end, partners can die, and women can be left in very vulnerable situations.

“If they have zero experience in that, that’s a very frightening place to end up.”

Twietmeyer said she’s seen women end up that way, alone and unsure how to pay a bill or manage other financial obligations.

Her advice: women should get educated and take a front, not backseat when it comes to their finances.

WATCH: For many Canadians, saving for retirement leads many to ask how much should I save? Tomasia DaSilva takes a look at the math around saving for your future.

© 2018 Global News, a division of Corus Entertainment Inc.

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