(CNN Money) Among the rich, gender equality is still far out of reach when it comes to investing the family’s money.
Nearly three-quarters of wealthy men say they are better qualified to make investment decisions than their spouse, according to a survey of some 650 adults with $3 million or more in investable assets conducted by U.S. Trust, Bank of America’s private wealth management division. That compares with a mere 18% of wealthy women who believe they could do a better job.
Similarly, 73% of rich men say they have a greater say in household investments like retirement funds, stocks and other assets — compared to 15% of women.
Much of this disparity likely has to do with traditional gender norms, said Chris Heilmann, chief fiduciary executive at U.S. Trust. “The social norm from an investing standpoint has tended to be that men have generally seemed more interested and have tended to take the lead in terms of investments,” said Heilmann.
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