Who manages the money?
A survey conducted by industry research group LIMRA examined how men and women share in financial decisions.
According to the LIMRA Secure Retirement Institute poll, women are more likely than men to share financial decisions with their spouses, "Two-thirds (67%) of women aged 50 and older say they share the decision-making responsibilities for their finances while only 46% of men say they share financial decisions with their spouses," reads the report.
In households with a net worth of more than $1 million, LIMRA says that only 30% of women are the primary financial decision makers. However, the study found that women who were the primary decision makers were as likely or more likely to have completed many retirement planning activities than their male counterparts. For example, women are more likely than men to have determined what their income will be in retirement, how long their assets will last, and to have developed a specific plan for generating retirement income from their savings.
LIMRA notes that many couples disagree about their desired lifestyles in retirement, and points to another study conducted by Allianz Life Insurance which found that 70% of women switch advisors following the death of their spouse. "Therefore, it is important to involve both spouses in the financial decisions, which will foster a stronger relationship with both spouses," concludes LIMRA.