Financial Therapy: women feeling trapped

This article describes the results of a study of 2,000 married and co-habitating women that looks at their concerns around financial independence. In cases where the partner is the primary financial provider, 2/3 of the many women end up feeling financially trapped.

“In all, 70% of those surveyed said they feel societal pressure to be subservient to their husbands and take their last name. Many others said they feel a joint bank account stifles their financial independence. Among respondents who share a bank account with their spouse, 64% said they felt pressured into the decision in the first place. Overall, 60% of respondents in the survey, which was commissioned by Self, said they have a joint bank account with their significant other. “

“Among those who do have some personal money, 54% keep their money separate in a hidden account in case of divorce, while 45% have set aside some extra personal money in case of financial or medical emergencies. Finally, almost 40% said they have separate funds to handle their own personal expenses.”

“A notable 20% of respondents with a separate account said their significant others don’t know about their savings; including 19% of married women and 28% of cohabiting women. For justification, 45% said it was their money and therefore they can do what they want with it, and 27% said their separate account consists of only money they made prior to getting married.”

I offer Financial Therapy to help individuals and couples get on the same page with respect to their attitudes towards money, ensure that both partners feel secure in the relationship, and that their financial decisions reflect their deeply held values and beliefs. In addition, I provide Career Counseling to those who would like to explore new ways to grow in their careers and become more financially secure.