REPEAT-BMO Fourth Annual Valentine's Day RRSP Study: Canadian Couples at Odds on Who's the (Retirement Planning) Boss

REPEAT-BMO Fourth Annual Valentine's Day RRSP Study: Canadian Couples at Odds 
on Who's the (Retirement Planning) Boss 
- Both men and women in relationships think they are in charge of key
retirement decisions 
- Eighty-seven per cent of couples report having had a conversation
about retirement, yet only a quarter of couples have had a detailed
discussion  
- Conflict over finances identified as the #1 potential threat to a
happy marriage 
TORONTO, ONTARIO -- (Marketwired) -- 02/14/14 --   With Valentine's
Day upon us, BMO has released its Fourth Annual Valentine's Day RRSP
Study, which finds that Canadian couples are not on the same page in
terms of who they feel is the lead decision maker on retirement
planning issues. Further, while 87 per cent of those who are married
or in a serious relationship reported that they have had a discussion
with their partner about retirement, just a quarter have had a
detailed discussion and fewer than half have covered key topics such
as what their ideal retirement will look like and how they will
achieve their retirement goals.  
When asked who is the key decision maker on retirement-related
issues, the study found that: 


 
 
--  Men in a relationship are twice as likely to consider themselves the key
    decision maker compared to their partner (41 per cent think they are the
    boss, 15 per cent think their partner is the boss). 
--  However, women are also more likely to consider themselves the key
    decision maker compared to their partner (32 per cent think they are the
    boss, 19 per cent think their partner is the boss). 

The same holds true when asked who is more focused on saving for
retirement: 


 
 
--  Men in a relationship are twice as likely to consider themselves more
    focused on saving compared to their partner (42 per cent think they are
    more focused, 19 per cent think their partner is more focused). 
--  Women are also twice as likely to consider themselves to be more focused
    on saving compared to their partner (44 per cent think they are more
    focused, 21 per cent think their partner is more focused). 

"Our study has revealed that there's a clear disconnect with regards to
who's taking the lead on retirement-related issues among Canadian
couples" said Chris Buttigieg, Senior Manager, Wealth Planning
Strategy, BMO Financial Group. "If both partners in a relationship
feel they're calling the shots and they have different views, then
there's going to be conflict at some point down the road. It's
critical to communicate, be open to compromise and be prepared to
talk frankly about financial issues, including your plans for
retirement and how they'll be funded." 
He said/She said - Who's the better retirement saver?  
According to the study, there appears to be a lot of finger pointing
among Canadian couples on retirement-related issues: 


 
 
--  Men in a relationship are twice as likely to point a finger at their
    partner for spending too much money instead of saving for retirement (37
    per cent blame their partner, 23 per cent take ownership of the issue).
    Men are also twice as likely to blame their partner for not taking
    saving for retirement seriously (35 per cent blame their partner, 18 per
    cent take ownership). 
--  Women in a relationship are also more likely to accuse their partner for
    spending too much money instead of saving for retirement (36 per cent
    blame their partner, 25 per cent take ownership). Women are also twice
    as likely to blame their partner for not taking saving for retirement
    seriously (39 per cent blame their partner, 21 per cent take ownership).

The study also examined what Canadians think are the top reasons which
could cause a couple to divorce; 68 per cent identified conflict over
finances, ahead of infidelity (60 per cent) and disagreements about
family (36 per cent).  
"Money has the potential to be a source of tension and conflict for
any couple, regardless of the amount they have," said Mr. Buttigieg.
"While being open and honest with each other on financial matters is
a good first step in building a happy fiscal union, it's also
important to work together to develop a financial plan which takes
into consideration your individual and joint goals and helps set the
two of you up for a lifetime of financial, and marital, success." 
Regional Breakdown 


 
 
-----------------------------------------------------------------------
-----
                                     % of couples   % of couples            
                       % of couples      who have       who have            
                       who have had discussed how discussed what            
          % of couples   a detailed     they will    their ideal % who think
              who have   discussion achieve their     retirement    finances
             discussed        about    retirement lifestyle will  contribute
Region      retirement   retirement         goals      look like  to divorce
----------------------------------------------------------------------------
National            87           25            45             48          68
----------------------------------------------------------------------------
Atlantic            89           27            48             49          72
----------------------------------------------------------------------------
Quebec              81           25            41             45          53
----------------------------------------------------------------------------
Ontario             91           25            45             49          74
----------------------------------------------------------------------------
Prairies            77           24            43             46          62
----------------------------------------------------------------------------
Alberta             85           22            43             53          76
----------------------------------------------------------------------------
B.C.                89           25            54             47          71
----------------------------------------------------------------------------

For more information on saving for retirement, please visit
www.bmo.com/retirement.  
Get the latest BMO press releases via Twitter by following @BMOmedia. 
The survey was conducted by Pollara with an online sample of 1,001
Canadians 18 years of age and over, between January 24th and January
28th, 2014. 
Contacts:
Media Contacts:
Amanda Robinson, Toronto
416-867-3996
amanda.robinson@bmo.com 
Valerie Doucet, Montreal
514-877-8224
valerie.doucet@bmo.com 
Laurie Grant, Vancouver
604-665-7596
laurie.grant@bmo.com
 
 
Press spacebar to pause and continue. Press esc to stop.