There are ways to make both members of the couple knowledgeable about finances.

There can be a high cost to the surviving member of a couple, if the member who passed away was the person who handled all of the household finances, according to The Wall Street Journal in “When One Spouse Handles Finances.”

The cost of not knowing where the money is, how investments are structured, the state of retirement savings, or the daily details of how bills get paid, can be quite high when one spouse is unexpectedly put in charge.

Spouses are urged to take a more active role in the family's investments and to be certain they are comfortable with the family's advisors. If they are both are not comfortable with the professionals handling their money and legal matters, it may be time for a change. If the change is made after a spouse dies, it should be seen as a move towards independence and not a betrayal of the spouse's legacy.

Studies conducted by financial service companies have found that despite gains in education and, to some extent, compensation, women still let their spouses handle financial decisions. Even millennial women, those born between 1980-1996 (roughly sixty percent) leave those investment decisions to their husbands.

Women are controlling more wealth and are more likely to divorce or outlive their husbands than at any other time in history, so taking the financial reins is very important.

Financial advisors are trying to bridge the gap. Some encourage spouses to create lesson plans, exploring one topic per session and then go to dinner afterward (without the kids) to discuss wills, insurance, and investment basics or whatever the topic of the week was. Others hold quarterly meetings.

It can be frustrating for one spouse to deal with a non-involved spouse, who either doesn't want to learn or has trouble grasping some of the concepts. In that case, getting a non-related person involved might be a good tactic. Set up meetings with your estate planning attorney, financial advisor, and CPA that are geared to reviewing your family's assets and estate plan, with the focus on bringing the non-involved spouse up to speed.

Make it personal and rewarding. It's far more fun for someone to open their own “50^th Wedding Account” and learn by investing than to get drilled on a textbook lesson. If one spouse dreams of travel, turn working together on budgets and investments with specific trips in mind into a motivating force.

Reference: The Wall Street Journal (Oct. 22, 2018) “When One Spouse Handles Finances”