In an era where roles and expectations are constantly being redefined, the notion of the 'traditional' housewife, or 'tradwife,' might seem like a thing of the past. However, there is a growing trend of women advocating the tradwife movement, which promotes a return to traditional gender norms through the role of a dedicated homemaker and promoting domesticity.

So what exactly does being a tradwife entail? And what are the financial risks and benefits of choosing this lifestyle?

Let's talk about it.

💁 Defining the tradwife lifestyle

A tradwife, short for traditional housewife, is a woman who chooses to embrace traditional gender roles within the household. This typically includes:

• Taking care of domestic work such as cooking, cleaning, and childcare
• Conceding to her husband's decisions and deferring to his authority
• Putting her role as a wife and mother first before considering a career outside the home.

✅ Benefits of the tradwife life

So why are more and more women choosing the tradwife life?

These are the potential benefits to being a traditional wife:

• A sense of fulfillment and purpose in their role as a homemaker
• Stronger family relationships and more quality time spent with children
• Reduced stress from juggling multiple roles (career, household duties, etc.)
• Potential for a more traditional and stable family dynamic
• Living within means and avoiding the potential costs of a dual-income household (e.g. childcare, transportation, etc.)

💰The financial implications

While being a tradwife may bring a sense of fulfillment and purpose, there are also financial implications. For many tradwives, forgoing paid employment can result in the following:

1) Limited financial autonomy

By choosing to prioritize their role as a homemaker, tradwives may have limited financial independence. This can make it challenging for them to leave an unhappy marriage or support themselves in the event of a divorce.

2) Vulnerability in case of divorce or widowhood

The current statistics show that there are 14.56 divorces per 1,000 married women in the US. In the event of a divorce, tradwives may face financial hardships as they have not been able to build their own career or savings.

Similarly, if their husbands pass away prematurely, they may struggle to support themselves and their children without previous work experience or financial independence.

3) Missed opportunities for career advancement

Focusing on domestic duties rather than pursuing a career can also mean missing out on opportunities for career advancement and higher earning potential.

4) Reduced retirement savings

Without a steady income, traditional wives may also have limited opportunities to save for retirement. Additionally, their access to social security benefits is often less due to a limited or nonexistent work history.

5) Impact on personal identity and self-worth

For some traditional wives, the decision to forgo a career and prioritize their role as homemakers may lead to feelings of loss of personal identity and self-worth, which can have significant psychological and emotional consequences.

6) Societal and economic impacts

On a broader scale, the trend of embracing the tradwife lifestyle can contribute to the gender wage gap and reinforce traditional gender norms. It can also have economic impacts as it reduces the number of women in the workforce and potentially limits their earning potential.

🧐 How to financially prepare and protect yourself as a tradwife

While the tradwife lifestyle may not be for everyone, for those who choose to embrace it, there are ways to prepare and protect yourself financially:

• Communicate with your spouse about financial expectations and ensure both parties are on the same page. Be honest and transparent, and ensure you set common goals for managing finances.
• Review you and your spouse's financial assets such as retirement accounts, life insurance policies, and savings. This can help provide a safety net in case of unforeseen circumstances.
• Get a life insurance policy for yourself and your spouse to ensure financial stability for yourself and your children. Make sure you are named as the beneficiary in your spouse's policy.
• If you both have life insurance already, make sure the coverage is enough to support your family if something happens to either of you.
• Consider seeking a prenuptial agreement to protect your financial interests in case of divorce.
• Take online courses or certification programs to learn skills for remote or flexible job opportunities.
• Educate and improve your financial literacy to better understand personal finance, including budgeting, investing, and retirement planning.
• Find income sources like freelancing or starting a home-based business to create additional financial support.
• Save and invest for emergencies and retirement to create a financial safety net even if it may be a smaller amount. A Roth IRA is a good option for non-working spouses.
• Make sure you are named in your spouse's will or estate plan to protect your interests if you become a widow.
• Create a Family Emergency Binder with essential information, including login details for bank accounts, life insurance details, and other important financial and personal documents.

Maintaining balance between tradition and modernity

At Doing Well, we believe it takes two to tango, and the key to a successful partnership is balance. Finding a lifestyle that works for both partners and allows for personal growth and fulfillment is essential.

That's why we're here to help you.

• Create a personalized financial plan to maintain your chosen lifestyle and to be ready for unexpected events.
• Guide you to create a budget plan that aligns with your financial goals and priorities.
• Offer education and resources to improve your financial literacy so you can make informed decisions about your finances.
• Assist you in preparing for retirement, whether in traditional or non-traditional roles.
• Help you find legal resources like estate planning or managing your assets when needed.

Being a traditional wife is a personal choice. Only you can decide whether it's the right decision for you and your family.

Whatever your chosen lifestyle is, Doing Well is here to support and empower you to make the best financial choices for yourself and your loved ones. You can book a free call here.

‍