Married couples disagree on who makes family’s financial decisions

It should come as no surprise that married couples often do not see eye to eye on personal finances. But a new survey reveals just how deeply spouses are split on their own roles as financial decision-makers in the family.

Many married people either over-value their own power in making choices about money or under-value their spouse’s contribution to the process, according to a new study by BMO Private Bank.

For example, more than two-thirds of married men report making investment decisions “primarily by themselves,” the survey said. But only 13% of married women said that their partner is the primary decision maker.

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On the flip side, nearly 40% of married women self-identified as their family’s primary decision-maker. Only 5% of men agreed.

That disconnect also extends to pricey purchases. Nearly two-thirds of men said they were the main deciders about what and when to open the family purse to acquire big ticket items such as cars and home renovations. Only 29% of married women agreed.

“The numbers just don’t add up,” said Mary Jo Herseth, national head of banking for BMO Private Bank.

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