RISMEDIA, February 16, 2011—(MCT)—When it comes to how couples handle their money, there are differences between the sexes, a new survey has found. Forty-nine percent of wealthy married women, versus 39% of married men, say “we’re planning our financial affairs more carefully than we used to,” whereas 51% of men and 38% of women say “nothing has changed,” according to a newly released “Love & Money” survey by PNC Financial Services Group Inc., parent of PNC Bank.
The bank, which surveyed 1,097 wealthy adults nationwide, 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% vs. 54% of men); inflation (51% vs. 44% of men); money to support lifestyle (46% vs. 40% of men); falling real estate values (45% vs. 35% of men) and not being able to support their lifestyle in retirement (45% vs. 34% of men).
“Open communication 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 a successful communication.”
If so, the people surveyed apparently have some issues around money. For example, the majority of men perceive themselves as driving financial decisions while women typically say they share responsibility in such decisions. Seven in 10 women and 45% of men say they share responsibility. Half of men and only 17% of women say they are the ones who are most responsible, the survey found.
The survey was conducted online in September and October 2010 of adults with at least $500,000 in investable assets and a minimum annual income of $150,000. The margin of error is 3 percentage points.
(c) 2011, Chicago Tribune.
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