Financial Expert Says More Wealthy Couples Need To Talk About Spending Habits
PHILADELPHIA (CBS) – A new survey released this weekend shows wealthy couples may not be on the same page when it comes to their finances in a weak economy.
The PNC bank survey shows couples need to communicate. Half of the men surveyed who participated say they make the financial decisions, 73 percent of women say it’s shared.
John Conway is the managing executive at PNC wealth management for Philadelphia and South Jersey.
“It’s fascinating. Money is sometimes a difficult subject for people and I know couples, who I think spend more time worried about what movie they are going to see or what they are going to have for dinner, instead of worrying about their financial futures.”
Conway says its essential couples talk about their finances – what are their values as it relates to spending, using credit, saving money and investing. And he says if that’s difficult, talk with a financial advisor.
“We don’t play the role of marriage counselor but we certainly want to see married couples agree on a strategy so they can stick to it.”
He says a good portfolio should involve multiple asset classes that cycle in different time frames.
“Build a portfolio that has an overall plan. And the elements in the portfolio are designed to grow at the pace needed to achieving your long term goals, but provide the downside protection also needed in an event of a recession like the one we have been experiencing over the past several years.”
Reported By John McDevitt, KYW Newsradio.