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🇱🇹 Lithuania /Economy & Trade

Does your husband handle all the family finances? An expert warns women against this common mistake

From Delfi · () Lithuanian

Translated from Lithuanian and summarized by DistantNews. Read the original for the full story.

At a glance

Press release Named sources Context piece
  • Women who leave family finances largely to their husbands may struggle to identify loans, insurance policies, savings and pension arrangements after a sudden change in circumstances.
  • Financial consultant Edvardas Judžentis says financial independence does not require couples to manage all money separately, but each partner should understand the family’s key obligations.
  • He recommends reviewing insurance, beneficiaries, savings and pension arrangements, then starting with a personal financial audit rather than immediately choosing new financial products.

A woman may have her own income yet still be unprepared to manage the family’s finances if her husband becomes ill, dies, loses his income or the couple divorces. She may first have to determine how much remains on the home loan, where the family’s insurance policies are held and where savings or pension contributions are invested.

Financial consultant, lecturer, investor and “Financial Trainers” chief executive Edvardas Judžentis says financial independence does not mean that couples must manage every euro separately. But even when a husband handles the main financial decisions, his wife should know the family’s contracts, obligations and where to find the essential information.

Everyone should know the basics about their own finances: what contracts they have, whether they participate in the second pension pillar and with which company, and whether they save in the third pillar.

· Edvardas JudžentisThe financial consultant listed the information each partner should understand.

“Everyone should know the basics about their own finances: what contracts they have, whether they participate in the second pension pillar and with which company, and whether they save in the third pillar,” Judžentis says. He also advises knowing the family’s property, accident and life insurance arrangements, as well as loans, outstanding balances and monthly payments.

These risks are best managed through insurance policies that provide protection for such situations.

· Edvardas JudžentisHe recommended insurance and individual risk-management strategies for each income earner.

He recommends preparing safeguards before they become necessary. Insurance policies can help manage risks, while separate savings agreements or pension funds remain with each person after a divorce. Policy beneficiaries should also be checked, particularly for life insurance, because they can be changed when circumstances change.

Judžentis says women who are taking over financial management should begin by assessing their current position, not by immediately selecting new products. “First of all, conduct an audit of your finances,” he advises.

First of all, conduct an audit of your finances.

· Edvardas JudžentisHe advised starting with an assessment of the current financial situation.
About this summary

Originally published by Delfi in Lithuanian. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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