5 Reasons why your man should NOT be your Financial Plan.

How many women do you know that rely on the men in their lives to make all the big important financial decisions? To be the ones to save and invest for retirement? To be the ones to take care of them and the family financially? I imagine it's quite a few. 

If you don't know many or you don't want to take my word for it, according to a 2022 TD Wealth for Women report, fewer than 20% of women manage their own finances. 

To be even more clear, this is not just stay at home partners, or low income earners. A 2021 survey of high-net-worth individuals by UBS Group, a financial services firm, found that just one in five couples make financial decisions together. In addition, more than 8 in 10 women defer to their spouses because they believe they lack the knowledge. 

Now, I realize these survey's are a couple of years old so I acknowledge the data is slightly outdated. Even amongst my inner circle along with the women I work with on a daily basis, I can confidently say the narrative is starting to change and there are more and more women stepping into the driver's seat of their finances.

With that being said, I am eager to discuss the importance of women having financial independence and taking charge of their financial futures, early. 

I love my man, but here are 5 good reasons why he is NOT my Financial Plan.

The number one reason is he may not be around forever- but that is not the only reason. Number 5 is my favourite, which is often overlooked.

#1 The reality of death or divorce.

Growing up, my dad always used to tell me nothing in life is guaranteed (except death & taxes). I want to make sure I am prepared if something happens. Yes, I love and trust my partner, and he is incredibly health conscious with a great chance of outliving me, but life throws everyone curveballs and statistics are statistics:

- 40% of marriages in Cananda end in divorce (Statistics Canada)
- the average lifespan for women is 7 years longer than men (Harvard Health, 2020)

#2 He could get sick or injured.

If my partner gets sick or injured, his income could drastically change overnight. I have heard tragic stories over and over again about the impact of disabilities or long term illnesses affecting families that were not financially prepared. 

I refuse to rely solely on my partner for our financial future and planning, as our quality of life could change dramatically very quickly or I may be forced to take over decisions & responsibilities and I don't want to be left lost as to where to start.

#3 I don't want money to be the source of any of our problems. 

I don't want to fight over money, or control over money or have to ask my partner for permission to spend money. When it comes to financial responsibilities I want to work as a team while still having my own independence. 

According to a study done by Simplii Financial in 2024, 46% Canadians, aged 18-34 say money is a major source of stress in their relationship. and that breaks my heart. 

#4 I am just as capable of making financial decisions as he is.

What hinders us in making decisions is our confidence. We tend to feel less confident about money, despite being highly educated and highly proficient in our areas of expertise. 

Men are not better investors or better at managing money than us. Being "good" at money is not some gene that we are born with. 

It is just that for generations we have typically watched the men in our lives manage the money and be the majority in positions of power in influential financial companies, the financial advisors at traditional bank or have degrees in finance and economics. 

We are just as capable of learning the basics of financial literacy and managing our own dime!

#5 If we work as a team towards our financial plan, we are more likely to reach our goals and spend more quality time together.

...After all isn't that the goal? 

Working together allows us to hold eachother accountable, have different prespectives, support eachother in difficult financial situations and be on the same page with our dream goals.

I encourage you to love your man, but take care of your own financial plan.

So What Do I Do To Take Control?

You commit to learning and talking about money! Take a look at some more reads on my blog, download some of my simple step-by-step-guides, and feel free to book a Free Personal Finance Discovery call!