Canadian couples aren’t on the same page in terms of who they feel is the lead decision-maker on retirement planning issues.
BMO’s Fourth Annual Valentine’s Day RRSP Study finds that 41% of men in a relationship consider themselves the key decision-maker, while 15% think their partner makes the decisions. However, 32% of women consider themselves the key decision-maker, while 19% think their partner makes the decisions.
Forty-two percent of men think they are more focused on saving for retirement, while 19% think their partner is more focused. However, 44% of women consider themselves to be more focused on retirement saving, while 21% believe their partner is more focused.
“Our study has revealed that there’s a clear disconnect with regard to who’s taking the lead on retirement-related issues among Canadian couples,” says Chris Buttigieg, senior manager, wealth planning strategy, with BMO Financial Group. “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.”
When it comes to spending versus saving for retirement, couples also disagree.
Thirty-seven percent of men blame their partner for spending too much money instead of saving for retirement, while 23% take ownership of the issue. And 36% of women blame their partner for spending too much money, while 25% blame themselves.
Thirty-five percent of men say their partner doesn’t take saving for retirement seriously, while 18% say they take ownership of the issue. However, 39% of women blame their partner, while 21% blame themselves.
The study also looked at what Canadians think are the top reasons that could cause a couple to divorce. Sixty-eight percent identify a conflict over finances, ahead of infidelity (60%) and disagreements about family (36%).
“Money has the potential to be a source of tension and conflict for any couple, regardless of the amount they have,” he says, adding that “being open and honest with each other on financial matters is a good first step in building a happy fiscal union.”