How women can participate better in family finances

Both partners must review the family’s overall financial situation at least once a year. Getty Images

Across the Gulf, more women are joining family financial discussions, yet many remain on the sidelines of long-term planning. Tradition, trust or limited access often hinder their participation in financial decision making, leaving families vulnerable when life takes a turn. Open conversations about money are the first step towards building financial awareness and long-term confidence.

Time to talk

If one partner manages the family’s finances alone, the other may be less equipped to handle significant life changes such as marriage, divorce, bereavement, inheritance, or transitions in a family business. Many families only make important financial decisions when something goes wrong, leading to rushed choices, emotional stress and strained relationships.

A recent succession planning survey in the Gulf by Lombard Odier underlined this tension. Many families know how important it is to prepare for the future, yet half still choose to put off these vital conversations. Nearly two thirds of wealthy families in the region confirm that they don’t have a clear succession plan in place. With the region on the brink of its first major transfer of wealth across generations, proactive financial planning is no longer a nice-to-have but more of a must-have.

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Legal frameworks also matter as they can vary significantly across jurisdictions, with some countries applying different inheritance rules depending on an individual's faith or religious affiliation. This means that spouses can have wills that reflect their personal wishes, but it also underscores the importance of knowing which rules apply to one’s circumstances. Financial confidence begins with awareness.

Shared responsibilities

Many women take on caregiving roles that limit their income-generating work, often leaving a gap in long-term financial planning. This can have lasting financial consequences in the form of lower savings, leaving women potentially more exposed to financial imbalances later in life.

Many families may overlook that unpaid work, such as caregiving or managing household affairs, also create economic value. Recognising these contributions through financial arrangements – for example, through savings, insurance or agreed transfers – can help to close the gaps that emerge when one partner steps back from paid work.

Steps for women to build financial resilience

Here are five practical ways women in the region and beyond can take charge of their financial well-being:

1. Have open conversations

In parts of the Middle East, separation of property applies, and joint ownership is not presumed unless explicitly agreed in a marriage contract. Keeping both names on key documents and having open conversations about future help to build trust.

2. Establish clear financial governance

Sound financial practice is for both partners to review the family’s overall financial situation at least once a year. Even if one spouse takes care of the investments or large acquisitions on behalf of the family, the other should be aware and involved, and all major purchases or loans documented.

3. Partnership finance

Financial resilience starts with both partners understanding how assets and debts are managed. Run a combination of own and joint bank accounts and stay involved with joint assets and liabilities.

4. Create a fair financial transfer model

A classical role distribution often involves women in a family-care role, setting them back on their wealth creation path. Agreeing on a fair financial transfer model that assigns value to the household work of the spouse entrusted with this role helps.

5. Engage the next generation

Healthy and frequent communication within a family is essential. Regular family meetings provide a structured opportunity for updates, discussions and the voicing of concerns. Establishing clear, shared goals can unite generations around a common vision.

Nannette Hechler-Fayd’herbe is head of investment strategy, sustainability and research, chief investment officer of Europe, Middle East and Africa at Lombard Odier and Joëlle de Cerjat Santa Cruz is a senior wealth planner