Research among older couples finds 36% reported that one spouse is the dominant financial manager.
The study of pre-retirees and retirees, conducted jointly by the Hartford Financial Services Group Inc., Hartford, and the Massachusetts Institute of Technology’s AgeLab, divided respondents into 4 financial-management styles.
Researchers labeled 17% of this population as “Drivers”, which handle all financial matters of the household, and 19% as “Passengers”, who are minimally involved or completely hands-off from financial matters.
Managers that shared responsibility were divided into 2 types: One, where each partner was equally involved in all aspects of financial management for the household, consisted of 53% of those surveyed. These “Joined at the Hip” managers do not divide or delegate financial tasks, choosing to make every financial decision and take every action together, according to the Hartford/MIT report.
The other shared-responsibility type consisted of 11% of respondents who said they split their financial duties. These “Divide and Conquer” couples gave each partner the lead on some aspects of the household finances, with each playing a secondary role on other aspects.