A study done by Hiroshima University (and by the way how ironic is that?) says that Japanese women still expect that their spouse will one day take charge of their retirement finances. Even if they are currently not even in a relationship. The same thought process has also been identified in American women.
The researchers studied data from an insurance company retirement savings plan, the Japanese equivalent to a 401(k). Women and men understood retirement options equally, yet women assumed a “Prince Charming” would make the decisions, or worse, that it would all work out somehow.
Since women earn less money to begin with and then live longer in retirement, the decision to make no decision can have big implications on how comfortable their eventual retirement will be.
I was feeling all superior about this until I remembered that my husband handles all our finances.
C’mon ladies. It’s time to educate ourselves about economic matters. Suze Orman, are you listening?