Men vs. Women: Couples Remain Split on Financial Views and Investing
The recession has caused a disconnect between affluent couples on personal finance issues and how they plan and discuss money, according to survey findings by PNC Wealth Management, a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC's “Love and Money” findings, as part of its Wealth and Values Survey, revisited a groundbreaking study first conducted five years ago on relationships and finances. The result: men and women aren't on the same page with regard to the impact of the recession on their financial planning and many differences remain in how they view their money.
Forty–nine percent of women, versus 39% of men, say “we are planning our financial affairs more carefully than we used to,” whereas 51% of men and 38% of women say “nothing has changed.” PNC, which is among the nation's top 20 wealth management firms, found that women worry more than men about a wide range of financial issues.
When asked to rate their degree of concern, more women than men express worry about the recession (69% versus 54% of men); inflation (51% versus 44% of men); money to support lifestyle (46% versus 40% of men); declining real estate values (45% versus 35% of men) and not being able to support lifestyle in retirement (45% versus 34% of men).
“The findings confirm a fundamental need for couples: open communication between spouses is critical to financial harmony,” said R. Bruce Bickel, senior vice president of PNC Wealth Management. “One spouse's perception must equal the other spouse's intention in order to have successful communication. The only way for that to happen is if husbands and wives openly communicate their views and listen to what the other is saying.”
PNC Wealth Management also found insights on the following issues:
For Bickel, this means parents need to be talking to their children earlier and more often about money, starting as early as the first grade.
“Helping children create budgets and discussing the principles of earning, giving, saving and spending instills discipline early in life and they are more likely to carry these values forward,” he said. “It doesn't matter how much money a family has, this approach is indispensible and helps assure future success with finances.”
The PNC Financial Services Group, Inc. is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset–based lending; wealth management and asset management.