Poll finds couples disagree on how recession has impacted their finances
February 16th, 2011
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A new survey found that couples have different views about their finances and investing, and how the recession has impacted them. However, the PNC survey found that couples share concern about their kids’ future, and that a majority believe that the recession has changed the way their children will handle finances in the future and that they will have a tougher time financially.
Changing financial behaviors
The PNC Wealth Management Wealth and Values Survey found that 49 percent of women said they were planning their finances more carefully, compared with 39 percent of men. Also, 51 percent of men said nothing has changed, compared with 38 percent of women. More women (29 percent) than men (24 percent) said they were spending more time discussing finances they they used to.
Overall, women worry about finances more than men. Among the concerns women have are that the recession will continue (69 percent of women vs. 54 percent of men), not having enough money to support their lifestyle (46 percent vs. 40 percent), affording health care costs (47 percent vs. 40 percent) and not being able to support the lifestyle they want for three decades or more in retirement (45 percent vs. 34 percent).
Reverse mortgages and your finances
With many senior citizens living longer, having enough money to last during retirement is a real concern. Some seniors have decided to continue working to earn more money, while others have obtained reverse mortgages to supplement their income. A reverse loan can allow you to convert some of your home equity into cash. You must be at least 62, but the older you are the more money you usually qualify to borrow.
If you have serious concerns about how your finances are being impacted by the economy, take time to sit down with your spouse to talk about it. It’s important for couples to be on the same page financially so don’t put off getting a dialogue going.