OREANDA-NEWS. Money tops the list as the most important and frequent topic of conversation between couples, according to new research released by Ameriprise Financial (NYSE: AMP). Yet, while the majority of couples claim to be on the same page about their finances, there are many areas in which the duos don’t always see eye to eye. The Ameriprise study on couples and money surveyed more than 1,500 couples between the ages of 25-70, asking questions to both members in the relationship to determine if their perspectives on money were aligned. While three-quarters (77%) of couples say they agree on most financial matters, more than a third also recognize there is room for improvement. 
Living in Financial Harmony
The study found an overwhelming 88% of couples are happy with how they’ve divvied up financial responsibilities in their relationship and 68% say they communicate well about their financial situation. Both individuals in the pair weren’t shy about rating themselves as engaged, responsible and confident when it comes to managing their money.
 

Couples Reveal the Top 5 Secrets to a Successful Financial Relationship
  1. They make money a priority.
  1. Most talk about and agree on financial goals.
  1. They set spending limits ($400 on average); any purchases over this amount need to be discussed.
  1. The majority have joint banking accounts.
  1. They share the responsibility for retirement planning and investment decisions.


“Conversations about money are critical to successful relationships. We know couples who talk openly and often about their finances ultimately feel more confident about reaching their future goals,” says Marcy Keckler, vice president of financial advice strategy at Ameriprise. “Money doesn’t have to be a deal breaker for couples. Instead, it provides them with the opportunity to work as a team to create a strong financial foundation built on communication, planning and shared responsibilities.”
 
The Evolution of Success; Opposites Attract
Couples say their unified front toward financial decisions didn’t happen overnight. Instead, the majority (66%) evolved into their current roles over time. And, when it comes to managing money—most couples (73%) will agree…they approach financial decisions differently than their significant other or spouse. For example, many who characterize themselves as spenders have partners who self-identify as savers. But, no matter their differences, more than half of couples say they’ve become more financially responsible and their relationship has improved over time.

About the survey

The Ameriprise study on couples and money was created by Ameriprise Financial, Inc. and conducted online June 14 to July 14, 2016 by Artemis Strategy Group among 1,514 U.S. opposite and same sex couples (married or living together for at least six months with shared financial responsibility) between the ages of 25-70 with at least $25,000 in investable assets.
 
About Artemis Strategy Group
Artemis Strategy Group is a communications strategy research firm specializing in brand positioning, thought leadership and policy issues.
 
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for more than120 years. With extensive asset management, advisory and insurance capabilities and a nationwide network of approximately 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.