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Canadian couples are not on the same page in terms of who they feel is the lead decision maker on retirement planning issues shows BMO’s fourth-annual Valentine’s day RRSP study.

While 87% of those who are married or in a serious relationship reported having a discussion with their partner about retirement, just a quarter have had a detailed discussion and fewer than half have covered key topics such as what their ideal retirement looks like and how they’ll achieve their goals.

Read: Growing income during retirement

The study shows men in a relationship are twice as likely to consider themselves the key decision maker compared to their partner—41% think they are the boss while 15% think their partner is the boss. But women are also more likely to consider themselves the key decision maker compared to their partner, as 32% think they’re the boss, while 19% think their partner is.

Read: Do your clients really understand retirement?

The same holds true when asked who is more focused on saving for retirement. Men in a relationship are twice as likely to consider themselves more focused on saving compared to their partner, at 42% and 19%, respectively.

Still, women are also twice as likely to consider themselves to be more focused on saving compared to their partner (44% think they are more focused, 21% think their partner is more focused.

Read: The new retirement math

Savings blame game

The study found much finger-pointing among Canadian couples on retirement-related issues.

Men in a relationship are twice as likely to accuse their partner of overspending instead of saving for retirement than they are likely to take responsibility themselves. They’re also twice as likely to blame say their partner doesn’t take retirement saving seriously. Women surveyed showed the same pattern and blame rates.

Conflict over finances is the top reason couples cited for a potential divorce—at 68%. That concern overshadowed infidelity, at 60% and family disagreements, at 36%.

Read: Life, Part Two: Helping clients create a vision for life in retirement

Originally published on Advisor.ca

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