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CHICAGO,IL--(Marketwired - Aug 2, 2013) - Married men and married women provide drastically different answers when asked who is responsible for financial decisions in the household, according to a study recently conducted by BMO Private Bank. In response to a variety of questions around financial decision-making, married individuals either over-value their own contribution, under-value their spouse's contribution, or in many cases, both.

"Sixty-nine percent of married men declare themselves as making decisions 'primarily by themselves' when it comes to in vestment decisions, yet only 13% of married women claim that their spouse is the primary decision maker," said Mary Jo Herseth, National Head of Banking, BMO Private Bank. "The numbers just don't add up."

And conversely, in instances where married women self-identified themselves as the primary decision maker when it came to investment decisions (38%), only 5% of married men supported their claim.

The disconnect doesn't end there. The study also found that:

• 69% of married men see themselves at the primary decision maker when it comes to the family's choice in financial institutions, a claim that's supported by only 9% of married women.
• 62% of married men said they were the primary decision makers when it came to major purchases -- such as new automobiles and home renovations. Just 9% of married women agreed.

The best advice to bridge the gap? "Communicate and seek out financial advice together," said Herseth. "Men and women have unique financial needs, and finding the right advisor who can listen to those respective needs and respond with clarity while delivering value can make all the difference in the world."

Herseth emphasized the importance of having an open dialogue that addresses key issues such as how bill payments will be divided and identifying short and long-term financial goals. However, she acknowledged that having conversations about finances with a partner can often be difficult, "Going from 'my' money to 'our' money can be difficult process and arguments about money can cause serious issues for a marriage. Bringing a third individual into the discussion, such as a financial advisor, can help provide an objective perspective. A financial professional can also provide advice, keep the dialogue focused and work with the both of you to develop a financial plan."

A fina ncial plan helps people work toward their short and long-term goals like the purchase of a new home, saving for a child's education or investing for retirement. It is a roadmap that outlines the path from where they are today to where they want to be in the future.

All results come from a Pollara survey fielded online with 748 married Americans between April 26th and May 1st, 2013. The margin of error for a probability sample of this size would be +/- 3.6%, 19 times out of 20.

BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.