Three Investment Management Tips for Couples
One spouse is responsible for making the investment decisions in the majority (56%) of households surveyed by investment firm UBS. Men are the primary decision-maker in approximately 40% of households, while women are the primary decision-maker in approximately 16% of households.
Though it’s common to have one person make the investment decisions in a household, survey respondents tasked with the responsibility didn’t express much satisfaction with the role. Notably, the less-engaged spouse isn’t satisfied with the division of labor either. Women in married couples were the least confident about their financial situation in retirement. Women were also the most likely to report disagreements about how much money to spend in retirement (30%).
Given these findings, UBS offered three options for potentially improving outcomes and satisfaction.
Plan together and then assign responsibility for execution. UBS suggests couples create an initial financial plan together and then divide the responsibilities for executing and monitoring the plan. The firm believes that both spouses will become more engaged and satisfied if this approach is followed.
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