What Can All Women Learn from a Supermodel?
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For UBS marketing purposes Porizkova's message to all women: don’t make the mistake of letting romance eclipse honest discussions about money. (UBS) Own Your Worth Video: What can all women learn from a supermodel? 10 February 2021, 8:51 pm CET, written by UBS Editorial Team Paulina Porizkova may be a supermodel, but the arc of her life—and her finances—includes experiences all women can relate to and provides lessons all women can learn from. Porizkova sat down for a candid conversation with UBS Vice Chairwoman Paula Polito to talk about why she urges women of every generation to be engaged in their finances and to own their worth. Porizkova was 19 years old when she met Ric Ocasek, frontman of the iconic band The Cars, who she later married. Although they both had significant wealth, she agreed to pool their money and leave the financial decisions to her husband and their business manager. When Ocasek passed away in 2019 before their divorce was finalized, Porizkova faced a steep financial learning curve and unexpected hardship. In a four-part video series, she spoke about her career, her marriage, and the financial fallout from her divorce and subsequent widowhood—and about rebuilding a life of her own. For Porizkova, that includes taking control of her financial future. Watch the videos here. Why money and love do mix Like so many women, Porizkova has money regrets. She became successful at such a young age and never learned how to handle her finances. When she later married, she was one of the highest paid models in the world. But she turned all her earnings over to the couple’s business manager and was not involved in any financial decisions with her husband— both choices she now regrets. Guided by the naïve belief that taking about money was unromantic, she let her husband talk her out of a prenup. Her message to all women: don’t make the mistake of letting romance eclipse honest discussions about money. Lessons from divorce and widowhood Like so many other women, Porizkova faced a devastating financial surprise when her husband passed away in the midst of their divorce—leaving her to both grieve for him and come to terms with his betrayal. She now says, if she were to For UBS marketing purposes marry again, she would do many things differently. For starters, she would insist on discussing what would happen if either partner were left alone. “Wouldn’t that be such a gift of love to sit down and map that out?” she says. Money and women across the generations UBS’ Own Your Worth research found that more than half of married millennial women abdicate financial decisions to their partners. Polito and Porizkova discussed this surprising finding and how women can break this cycle of abdication. They also talk about what they learned from their mothers about money, what they want younger women to know, and why financial gender roles need a twenty-first century makeover. Women in the time of COVID The pandemic has set women back in pursuing their financial goals, says Polito. The silver lining is that it’s also made more women think about their financial future. But there is a gap between intention and action. According to the UBS Investor Watch Pulse survey, of the 40% of women who said they intended to review their financial plans in 2020, only 12% did so. The pandemic has set women back at home, too. The research shows they are shouldering more responsibility at home during the pandemic than their male counterparts. More than two-thirds said they are handling childcare, remote learning, and cooking more than their partners. Porizkova shared that she too is handling more housework during the pandemic, adding that her goal is to move forward by claiming her power and owning her worth as a money maker. Watch the conversation here. Main contributor: Kerry Breen To learn more about the results of the UBS Investor Watch Pulse survey, read COVID-19 has women rethinking finances. And to learn more on how women are handling their finances during the pandemic, read COVID-19: A wakeup call for women. This article is for informational and educational purposes only and should not be relied upon as investment advice or the basis for making any investment decisions. The views and opinions expressed may not be those of UBS Financial Services Inc. UBS Financial Services Inc. does not verify and does not guarantee the accuracy or completeness of the information presented. 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