I hope you had a wonderful weekend! It was in the 60’s this weekend — I think spring is on the way!
LRPC’s Monday Morning Minute for this week, “Top Five Money Habits Of Happy Couples” (presented below) comes to you courtesy of ThinkAdvisor. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. This is a short piece I believe everyone can read in less than 60 seconds.
Ever wonder how some couples seem to navigate the money thing so easily? The article below reveals their secret money habits!
Have a wonderful week!
Top Five Money Habits Of Happy Couples
By Michael S. Fischer, Contributor, ThinkAdvisor
Most couples disagree about money from time to time, but the happiest ones know how to work through their differences, according to Ameriprise Financial.
Three-quarters of participants in a recent Ameriprise study on couples and money said they agreed on most financial matters, while more than a third also said there was room for improvement.
The study found that 88% of couples were happy with how they had divided up financial responsibilities in their relationship, and 68% said they communicated well about their financial situation. Both individuals in the pair rated themselves as engaged, responsible and confident in managing their money.
“Money doesn’t have to be a deal-breaker for couples,” Marcy Keckler, Ameriprise’s vice president of financial advice strategy, said in a statement. “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 Ameriprise study was conducted online 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), ages 25 to 70 with at least $25,000 in investable assets.
While 82% of couples said they work to quickly resolve differences in financial decisions, 31% said they argue about money at least once a month. The most common points of disagreement:
- Major purchases: 34%
- Decisions about finance and children: 24% of respondents with offspring
- A partner’s spending habits: 23%
- Important investment decisions: 14%
The study found a neutral party, such as a shared financial advisor, can help couples deal with disagreements about money. “Couples who see the same advisor report that it has helped them improve both their communication and their understanding about financial matters,” Keckler said. “It’s also helped many of them defuse potential conflicts. Approximately 40% of couples who describe themselves as not ‘on the same page’ financially say that advisors have helped them negotiate money issues that might otherwise have caused tension.”
Following are the top five money habits of happy couples in the Ameriprise study.
1. They make money a priority
Half of survey respondents believed that money was an important factor in their relationship, and only 15% said it was not important.
2. Most talk about and agree on financial goals and shared responsibilities.
Sixty-eight percent of couples rated their communication on financial matters as good or perfect, and 82% said they had discussed retirement and had similar views on how to approach it.
3. They set spending limits
Any purchases over $400 on average need to be discussed.
4. The majority have joint banking accounts
If one partner keeps money separate from the joint account, the other is typically aware of it.
5. They share the responsibility for retirement planning and investment decisions
Ninety-two percent said they agreed on their target retirement savings goals.
Lawton Retirement Plan Consultants, LLC (LRPC) Monday Morning Minute is crafted to provide decision-makers with important information about the economy, investments and corporate retirement plans in a format that allows a reader to consume the information in less than 60 seconds. As an independent, objective investment adviser, LRPC has access to many sources of research and shares the best and most relevant information with its readers each week.
Lawton Retirement Plan Consultants, LLC is a Milwaukee, Wisconsin-based independent, objective Registered Investment Adviser (RIA) providing investment advisory, fiduciary compliance, employee education, provider management and plan design services to retirement plan sponsors. The firm currently has contracts in place to provide consulting services on more than $400 million in plan assets. For more information, please contact Robert C. Lawton at (414) 828-4015 or firstname.lastname@example.org or visit the firm’s website at http://www.lawtonrpc.com. Lawton Retirement Plan Consultants, LLC is a Wisconsin Registered Investment Adviser.
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