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Reader Inquiry: My spouse shows little interest in our financial standing, which is increasingly concerning as we grow older. Every month, I try to discuss basic details like income, expenses, account balances, and debts, but my efforts are often met with silence. I’m considering using graphs or charts to make this information more engaging. What strategies would you recommend to ensure we are both informed about our financial situation? Thank you!
Response: Your dilemma is quite common among couples. Over time, many partners naturally fall into specific roles, with one handling financial duties while the other remains less involved. This is true for my husband and me; he manages our monthly bills and tax preparations, whereas I focus on financial planning and investments. While such an arrangement can work for a while, it might become problematic as you age, especially if the person managing the finances is no longer able to do so due to health issues or passing away.
Using Digital Tools and Mind Maps
Visualizing your financial landscape through charts and graphs is an excellent approach to pique your spouse’s interest. Tools like Morningstar’s Portfolio X-Ray provide visual representations that can clarify your financial status. Major brokerage websites often feature similar tools. For example, Schwab includes a Portfolio Checkup feature with bar graphs that illustrate monthly income from dividends and interest. Vanguard offers a Portfolio Watch tool, along with various performance illustrations and calculators.
Another effective method is a mind map, which I frequently used with clients at a financial advisory firm. A mind map offers a visual summary of your entire financial picture on a single page. You can use software templates to create one or go the traditional route with a large sheet of paper and a pencil. Begin by placing your names at the center, then draw lines connecting to categories like family members, investment accounts, real estate, assets, insurance policies, estate plans, key goals, and contact details for professionals such as accountants and estate planners. Reviewing and updating this mind map together at least once a year can ensure both of you stay informed and aligned on your financial journey.
Other ways to communicate about money
A few other ideas—though not related to charts and graphs—might also be useful.
I like the idea of putting together a net worth statement that itemizes cash, taxable accounts, real estate, retirement accounts, and debt for each member of the couple as well as items owned jointly. It’s a good idea to update this document at least once a year and discuss it as a couple. If you set up the document as a spreadsheet, you can include columns with additional information such as account numbers, what each account is used for, which accounts are subject to required minimum distributions, or tax issues like potential capital gains.
Many couples also put together a binder (sometimes humorously called a “Doomsday Book”) that contains information about where to find important paperwork, insurance policies, how bills are paid, what each account is for, steps the surviving spouse will need to take, final wishes, and any other critical information.
A well-qualified financial adviser can bridge the information gap
Finally, you could consider working with a good financial adviser, who can help involve your spouse in financial matters while you’re still living and step in to fully manage investments and personal finance decisions if you pass away before your spouse. Make sure the adviser holds the Certified Financial Planner designation and charges fees that are reasonable. Although a 1% fee is still the industry standard for accounts of $1 million or less, it’s possible to find advisers who charge significantly less, including a few who price their services based on hours worked instead of a percentage of assets under management.
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This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance.
Amy C. Arnott, CFA, is a portfolio strategist for Morningstar and co-host of The Long View podcast.
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