Ameriprise Study: Majority of American Couples Feel Confident about Managing Their Finances but Still Disagree about Money
September 21 2016 - 6:00AM
Business Wire
Nearly seven in ten couples say they have
good communication around finance and money, but many disagree over
spending limits and major purchases
Money tops the list as the most important and frequent topic of
conversation between couples, according to new research released by
Ameriprise Financial (NYSE:AMP). Yet, while the majority of couples
claim to be on the same page about their finances, there are many
areas in which the duos don’t always see eye to eye. The Ameriprise
study on couples and money surveyed more than 1,500 couples between
the ages of 25-70, asking questions to both members in the
relationship to determine if their perspectives on money were
aligned. While three-quarters (77%) of couples say they agree on
most financial matters, more than a third also recognize there is
room for improvement.
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Do couples see eye to eye about money?
(Graphic: Ameriprise Financial)
Living in Financial HarmonyThe study found an
overwhelming 88% of couples are happy with how they’ve divvied up
financial responsibilities in their relationship and 68% say they
communicate well about their financial situation. Both individuals
in the pair weren’t shy about rating themselves as engaged,
responsible and confident when it comes to managing their
money.
Couples Reveal the
Top 5 Secrets to a Successful Financial Relationship
1. They make money a priority. 2. Most talk about and agree on
financial goals. 3. They set spending limits ($400 on average); any
purchases over this amount need to be discussed. 4. The majority
have joint banking accounts. 5. They share the responsibility for
retirement planning and investment decisions.
“Conversations about money are critical to successful
relationships. We know couples who talk openly and often about
their finances ultimately feel more confident about reaching their
future goals,” says Marcy Keckler, vice president of financial
advice strategy at Ameriprise. “Money doesn’t have to be a deal
breaker for couples. Instead, it provides them with the opportunity
to work as a team to create a strong financial foundation built on
communication, planning and shared responsibilities.”
The Evolution of Success; Opposites AttractCouples say
their unified front toward financial decisions didn’t happen
overnight. Instead, the majority (66%) evolved into their current
roles over time. And, when it comes to managing money—most couples
(73%) will agree…they approach financial decisions differently than
their significant other or spouse. For example, many who
characterize themselves as spenders have partners who self-identify
as savers. But, no matter their differences, more than half of
couples say they’ve become more financially responsible and their
relationship has improved over time.
Couples Say It’s ComplicatedEven though couples connect
on a variety of financial issues, there is no shortage of
disagreements. Many couples admit they could work to improve their
communication skills. Around three in ten confess they argue about
money at least once a month—most often about making a major
purchase, and spending habits. And, the majority of people (68%)
acknowledge they are prone to shop without telling their partner,
but say it’s mostly because they don’t think the purchase is big
enough to warrant their attention. Many couples are also out of
sync with each other when it comes to how much they’ve saved for
retirement (23%) and spending limits (54%)—and a small percentage
(5%) confess they are hiding an account from their partner.
Key Strategies to Help Couples Improve
Communication
- Discuss financial issues prior to
marriage or moving in together
- Come to a mutual understanding of
financial roles and responsibilities
- Make investment decisions and
retirement goals a priority in the relationship
- Work with a financial professional on a
tailored approach to manage your finances
“Talking about money can be tough for couples, but they don’t
have to figure out their finances on their own. Working with a
financial advisor can help them develop a comprehensive plan that
fits their needs both today and tomorrow,” says Marcy Keckler.
For more information about the study, please visit our research
page at ameriprise.com/couplesandmoneystudy
About the surveyThe Ameriprise study on couples and money
was created by Ameriprise Financial, Inc. and conducted online June
14 to July 14, 2016 by Artemis Strategy Group among 1,514 U.S.
opposite and same sex couples (married or living together for at
least six months with shared financial responsibility) between the
ages of 25-70 with at least $25,000 in investable assets.
About Artemis Strategy GroupArtemis Strategy Group
(www.Artemissg.com) is a
communications strategy research firm specializing in brand
positioning, thought leadership and policy issues.
About Ameriprise FinancialAt Ameriprise Financial, we
have been helping people feel confident about their financial
future for more than 120 years. With extensive asset management,
advisory and insurance capabilities and a nationwide network of
approximately 10,000 financial advisors, we have the strength and
expertise to serve the full range of individual and institutional
investors' financial needs. For more information, or to find an
Ameriprise financial advisor, visit ameriprise.com.
For further information and detail about the study including
verification of data that may not be published as part of this
report, please contact Ameriprise Financial.
Ameriprise Financial Services, Inc. Member FINRA and SIPC.
© 2016 Ameriprise Financial, Inc. All rights reserved.
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Ameriprise Financial, Inc.Jennifer Johnson,
612-671-7188Media RelationsJennifer.3.johnson@ampf.comConnect with
us on Twitter: @Ameriprise
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