While “the money talk” isn’t the sexiest conversation to have with your significant other, it’s undoubtedly one of the most important. Yet most couples avoid it altogether.
A new study by Lincoln Financial Group is calling out the roughly 50 percent of lovebirds who are participating in their workplace retirement plan but not talking about savings and investment decisions with their guy or gal.
Oddly, it’s a trend that doesn’t seem to improve with age and maturity (not that one directly correlates with the other).
“Sixty-three percent of couples in their 20s say they discuss savings and investment decisions with their spouse or partner all or most of the time,” the report, titled “Retirement Power Participant Study,” shows. “Once couples are in their 30s that number goes down to 56 percent and drops to an average of 48 percent for those 40 and over.”
In a less than shocking revelation, men and women perceive what’s going on between them differently with regard to planning their retirement finances. The study results indicate 49 percent of females think their spouse or partner is working with them to manage the household’s retirement plan, while only 37 percent of men feel that way.
“[P]eople participating in their employer-sponsored plan are more confident and more optimistic today than they were just five years ago, and most understand how much they need to save to be on track for retirement,” Jamie Ohl, president of Retirement Plan Services, Lincoln Financial Group, said in a statement. “Now they need to start having conversations with their significant others about savings, and what they envision.”
“The majority of people are going to rely on their employer-sponsored plan as their main savings vehicle for retirement,” Ohl added. “Something as important as your financial future is worth discussing regularly with your spouse or partner, to ensure your family is on track.”
Jessa Claeys is a writer, editor and graphic designer.
