Magazine article American Banker

Wealthy Couples Split on Finances

Magazine article American Banker

Wealthy Couples Split on Finances

Article excerpt

Byline: Ruthie Ackerman

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. …

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