Many people may not be on the same page with their partner when it comes to financial strategies. There may need to be extra conversations and planning to make this work out.
Close to 40 percent of couples do not have the same idea on how they need to function financially in order to retire, according to a report from Fidelity Investments. A total of 51 percent of those polled explained they argue from time-to-time regarding their financial situation, and just 38 percent noted that they are able to come to an agreement to resolve the issue.
“The fact that many couples disagree about money isn’t surprising, but the realization so many don’t actually resolve their financial squabbles is cause for concern,” said Lauren Brouhard, senior vice president of Retirement at Fidelity. “When it comes to making your relationship a financial affair to remember, even the closest of couples have opportunities to get more on the same page. Just as you plan for everything else in life, it’s important to make financial planning a regular part of your conversations.”
More than 35 percent of those polled explained they are unsure where their financial paperwork is stored in their home, the report showed. Another 31 percent squabble over who will be the main beneficiary on their life insurance policy. A total of 27 percent did the same regarding retirement accounts.
Many Americans look to conserve funds this year
Getting an improved personal finance plan is something that many people are trying to do. According to a report from Country Financial, more than three-quarters think they will be able to keep their spending the same this year, or even cut it down.
“At a time when Americans are also experiencing low wage growth, it’s encouraging to see they are using their money to pay down debts, leaving little room for discretionary spending,” said Troy Frerichs, senior investment officer at Country Financial. “By curbing their spending and decreasing personal debt, Americans are better positioned to achieve financial security. Creating a financial plan and sticking to a budget helps to ensure that paying down debt the last few years won’t be in vain when times do get better.”
More than 35 percent noted that they will be able to work down their debt this year, the report added. A total of 20 percent of that group noted that they would like to cut their spending by one-tenth.