The recession created a rift between wealthy couples on how they view personal finances as well as plan and discuss money, according to a survey by PNC Wealth Management, a unit of PNC Financial Services Group Inc.
The Wealth and Values Survey found that more women than men said they feel they are planning their finances more carefully since the financial meltdown, with 49% of women, compared with 39% of men, saying they are more cautious. Meanwhile, 51% of men and 38% of women said "nothing has changed."
PNC reported that women in general worry more than men do about a wide range of financial issues.
In fact, 69% of women, compared with 54% of men, said they are concerned about the effects of the recession, while 51% of women versus 44% of men said they are concerned about inflation. In addition, 46% of women, compared with 40% of men, said they are concerned about having enough money to support their lifestyle; 45% of women versus 35% of men are worried about declining real estate values.
"The findings confirm a fundamental need for couples: open communication between spouses is critical to financial harmony," R. Bruce Bickel, senior vice president of PNC Wealth Management, said in a press release Feb. 11.
"One spouse's perception must equal the other spouse's intention in order to have successful communication. The only way for that to happen is if husbands and wives openly communicate their views and listen to what the other is saying."
There also seems to be a disconnect among couples on investing. Forty-one percent of men said they are high or moderate risk investors versus 27% of women.
Forty-six percent of women said they are balanced investors, while 27% said they are conservative or no risk.
Interestingly, 53% of men said they are the ones who are most responsible for financial decisions. Yet 73% of women said they feel they share responsibility for these decisions. Only 17% of women said they are the ones who are mostly responsible.
Meanwhile, 55% of men and only 45% of women said they "derive pleasure from wealth accumulation," a change from five years ago when 52% of men and 50% of women said the same. And more parents are worried that their children will have a tougher time financially.
"Helping children create budgets and discussing the principles of earning, giving, saving and spending instills discipline early in life and they are more likely to carry these values forward," Bickel said. "It doesn't matter how much money a family has, this approach is indispensable and helps assure future success with finances."
The Wealth and Values Survey was conducted online in the U.S. in September and October 2010 among 1,097 adults (age 18 or over) with more than $500,000 of investable assets and a minimum annual income of $150,000 (if less than $1 million of investable assets and not retired).
