These findings are slightly concerning, given that women live longer than men and are likely to be solely-responsible for managing their finances at some point in their lives whether due to longer life expectancies than men, rising rates of divorce and decreasing rates of marriage. Taking an active role in finances is also especially critical for women because they are amassing greater wealth than ever before. That trend will continue to grow significantly in the years ahead, as women will possess much of the world’s wealth by 2030.

UBS found that during the pandemic, stereotypical gender roles became exacerbated among couples when it came to discussing their finances. According to the report, women defer to spouses because they believe they lack the knowledge (82%), the interest (73%) or the time to participate in financial discussions, as they largely shoulder the burden of household responsibilities (78%).

Yet UBS’ research of 1,500 high-net-worth men and women in marriages or partnerships found that women who were single due to death of a spouse or divorce overwhelmingly recommend that other women focus on their financial situation and get involved today. When women don’t participate in financial discussions, they forfeit their voice being heard for financial decisions that will profoundly impact their entire family.

The good news is that both women and men are striving for better financial equality. UBS’ report found that 96 percent of married women and 98 percent of married men want women to be more involved in financial decision-making.

Steps to becoming an active participant in financial decisions

1. Research and reflect. If you’re a woman seeking to become more involved in your financial planning, the first step is to do your research and know where you stand financially and what you want for your future. Add up your assets and liabilities, like loans, credit, and other debts. Then ask yourself a series of questions to help clarify your financial goals:

• What do you want your legacy to be?
• Who are the people who matter most to you?
• What are your main concerns?
• How do you plan to achieve your life’s vision?

2. Start the conversation. After this important step, start the financial conversation with your partner. If you’re in a committed relationship, or consider having a conversation with other trusted loved ones or a professional if you’re looking for additional guidance and you’re not currently in a partnership. Talking about money can be intimidating and even taboo to some couples, particularly before they are married. Men and women come into relationships with different views about spending and saving. However, these discussions are necessary and create a sense of financial partnership. A thorough financial discussion for married or committed couples should include an explanation of big-picture savings, investments, and a joint review of financial documents.

According to UBS’ research, many couples find it effective to designate a regular time for financial discussions each month. It’s a good idea to have a consistent habit of sharing and understanding how money is flowing in and out of your accounts.

3. Set an example. According to UBS’ survey, women tend to repeat the gender roles they saw growing up. As you begin taking a more active role in your finances, you can set an example of what a true financial partnership looks like for children and the younger generation.

The benefits of couples collaborating on their finances are significant. UBS’ “Own Your Worth” report found that 7 in 10 couples said sharing responsibilities in financial decisions would foster a better sense of financial security and make them feel more confident in their financial futures. And 8 in 10 women believe that equal involvement would make them feel more prepared if something happened to their spouse, such as disability, illness, or death.

You don’t need to implement these steps alone. Always remember that there are financial advisors who are equipped to assist you along your journey of owning your worth.

As a firm providing wealth management services to clients, UBS Financial Services Inc. offers investment advisory services in its capacity as an SEC-registered investment adviser and brokerage services in its capacity as an SEC-registered broker-dealer. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that you understand the ways in which we conduct business, and that you carefully read the agreements and disclosures that we provide to you about the products or services we offer. For more information, please review client relationship summary provided at ubs.com/relationshipsummary, or ask your UBS Financial Advisor for a copy

Michele Lippincott is a registered representative of UBS Financial Services Inc.  UBS Financial Services Inc is a subsidiary of UBS AG.

Expiration: 3/31/2023 Review Code: IS2201741

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There, displayed on a wall, larger than life, is his photograph that graced the cover of Time magazine following unrest in Baltimore this spring—a man wearing a kerchief running from a line of police officers in riot gear. It’s so big that Allen sees things he never noticed before—the number of officers, people off to one side running for cover.

“It’s just amazing,” Allen said Wednesday morning. “I’m reliving those moments and seeing things in those pictures. I’m so used to looking at them on Instagram or looking at it on my camera.”

There are other photographs, too, which Allen and museum staff are in the process of pasting to the gallery walls. A police officer with tears in his eyes, the personal favorite of the museum’s executive director, Skipp Sanders. A boy wearing a police hat looks out through glass windows onto President Street.

It’s all part of a new exhibit, and Allen’s first solo show, called “Devin Allen: Awakenings, In a New Light” that runs July 10 through Dec. 7. The exhibit is free, and takes over most of what was the gift shop on the museum’s first floor.

There’s also going to be a photo timeline of the events following the death of Freddie Gray, arranged on a chalkboard-painted wall so viewers can share their reaction to the photos, or where they were on that day.

When selecting these photos, Allen said he was looking for a good mix of protesting, rioting, and unity, and included prints that are not as frequently seen. In one, a man bows his head to the ground in front of a cross. In another, a white protestor who’s been maced has milk poured in his eyes.

The timeline is what Allen is most excited about. “I want to see what everyone is thinking. What do you feel, what do you see? Everybody is going to look at the pictures and get something different,” he said.

Then, he ascended a ladder to smooth one of his photos onto the wall.

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