Who makes the financial decisions for your family? Is it you, or your spouse?
Many men would say they rule the roost when it comes to handling finances. However, their wives may give them a sideways look before saying who they think really runs the household funds.
A study by Mainstay Investments examined this very subject and discovered that there's a wide gap between married couples when it comes to handling the family finances. In fact, 81 percent of married women surveyed say that they share equal responsibility for financial planning decisions with their spouse. But, only 44 percent of husbands surveyed agreed with that statement. The majority of married men surveyed -- 56 percent -- say they make most of the household financial decisions on their own.
What's more, this disconnect is consistent among married couples of every generation.
Take a look:
|Share Decisions||Decide Alone|
"These findings reinforce a situation we have both heard about anecdotally and have observed repeatedly for many years," says Mike Coffey, managing director of Mainstay Investments, in a company-issued press release.
"Married couples often believe they are on the same page when it comes to financial goals but it's apparent that they are often carrying different play books altogether," Coffey adds.One of the best ways married couples can "get on the same page" of the financial playbook is to seek assistance from a financial advisor. Military families can find these professionals through USAA or ask their base program managers to put them in touch with a financial professional.
Once you and your spouse find a suitable financial adviser, this professional should:
|Family and Spouse Personal Finances|