Suze Orman Says This Is the Biggest Risk Married Couples Face
Written by
Adam Palasciano
Edited by
Joe Evans
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Marriage is both a partnership and a journey. Being able to collaborate, communicate, and share responsibilities are all hallmarks of a healthy relationship. But, many heterosexual couples are doing one thing that can wreak havoc on their finances down the road.
Suze Orman discussed that long-term financial decisions are being made primarily by men. However, this can be a dangerous financial habit. Here’s why:
Married Men Are Making More Financial Decisions
According to a recent survey from New York Life, 61% of married men are more likely to report making all or most of the financial decisions within their household. That’s compared to just 38% of married women.
While married women report being involved in day-to-day finances such as paying the bills, taxes and budgeting, married men are making more of the huge financial decisions that have far-reaching, long-term impacts. These include maintaining a relationship with a financial advisor, managing investment and retirement accounts, and handling the management of both insurance and the mortgage.
Suze Orman’s take is that if married men are handling a much larger share of long-term financial responsibilities compared to married women, this creates a toxic relationship. To add, women statistically outlive men. Married women don’t want to find themselves in a situation later in life where they’re suddenly forced to handle all financial matters, both short and long-term, without an understanding of how to do this. The bottom line is that there’s no way to be truly financially secure without being involved in big financial decisions.
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