Canadians couples are not on the same page when it comes to who is the lead decision maker on retirement planning. In fact, a BMO study finds 41% of men think they’re in charge, compared to 32% of women.
Further, while 87% of those who are married or in a serious relationship say they have had a discussion with their partners about retirement, just a quarter have had a detailed discussion.
And fewer than half have covered key topics, such as what their ideal retirement will look like and how they will achieve their retirement goals.
Additional findings include:
- 42% of men think they’re more focused on saving compared to their partner, compared to 44% of women;
- 37% of men point a finger at their partner for spending too much money instead of saving for retirement, compared to 36% of women; and
- when it comes to the top reasons for divorce, 68% say it’s due to conflict over finances; 60% say infidelity; 36% say disagreements about family.
“If both partners in a relationship feel they’re calling the shots and they have different views, then there’s going to be conflict at some point down the road,” says Chris Buttigieg, senior manager, Wealth Planning Strategy, BMO Financial Group. “It’s critical to communicate, be open to compromise and be prepared to talk frankly about financial issues, including your plans for retirement and how they’ll be funded.”