Young women opt to keep their finances separate from partner’s

YOUNG women are turning their backs on sharing wealth with their partners, a survey has revealed, as they gravitate towards being financially independent.

A survey of nearly 4,000 British women found that of those aged be- tween 16 and 34, nearly a third, 31 per cent, opted against sharing financial assets with their significant other.

Meanwhile, only around a quarter of those aged over 55, 26 per cent, opted not to share their wealth, according to the study by Netwealth.

It said a “backdrop of later-in-life marriages, higher divorce rates and increased financial earnings” had prompted the shift.

Charlotte Ransom, CEO of Netwealth said: “The traditional approach to managing finances jointly is being overturned by a new generation of financially more autonomous females.

“With women increasingly entering marriage later in life, after years of earning their own income and controlling their own finances, it’s unsurprising that many are turning their back on a ‘what’s mine is yours’ approach.”

Nearly half of women (45 per cent) keeping their wealth separate said was to be financially independent.

Two fifths (40 per cent) said they preferred to manage their money themselves, while 15 per cent did not believe their partner was entitled to their assets, the study revealed.

Some 3,876 women aged 16 and over it were questioned in May and June. Meanwhile, women’s share of global wealth is reportedly rising and a record number of women appeared in Forbes’ annual World’s Billionaire rankings last year.

More than 60 per cent of the UK’S wealth is expected to be in the hands of women by 2025.

Lisa Francis, CEO of Barclays Private Bank, UK and Ireland, said: “Reports show that women are outliving men. They are often the family matriarchs, being left with significant wealth.”

The Daily Telegraph’s Women Mean Business campaign has fought for better access to investment for female entrepreneurs, who typically receive less than 10 per cent of start-up funding in this country.

According to the UK’S biggest ever study into the female experience of wealth, nearly a quarter of women (23 per cent) see wealth as a symbol of freedom and independence.