The honeymoon’s over and now it’s back to reality.
And when faced with their finances, 32% of couples admit having disagreements, finds an Investors Group poll. And half says they know other couples who argue about money.
“The key to success is to talk frankly and regularly about personal finance issues to find common ground and make solid financial decisions together to plan for the future,” says Christine Van Cauwenberghe, assistant vice president, Tax & Estate Planning, Investors Group.
Other findings include:
- 14% try to convince their partners to spend less;
- 18% kept a secret from their partner about how much money they’ve spent, saved or have hidden;
- 21% used an allowance system to control the spending habits of their partner; 99% who used this approach were satisfied with the outcome;
- 60% say saving for retirement is their number one concern — this tops paying off debt (52%) and having enough for day-to-day living expenses (49%);
- 68% share financial duties and make decisions jointly;
- 19% hold separate bank accounts; and
- Boomer couples are the most compatible with each other’s spending behaviour (81%).
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