Love letters: Couples more likely than singles to have written financial plans, save more

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It’s been said that money can’t buy love, but apparently love can make people think more seriously about their money. Only 14 percent of single, divorced or widowed Americans have a written financial plan, compared to 24 percent of married or partnered households.

“Domestic partnership naturally involves more conversations about money, especially short-term spending,” said Laura Varas, CEO and founder of Hearts & Wallets. “About 40 percent of couples actively engage in long-term planning, such as for retirement. It’s time for single self-care to include creating a plan for a solid financial future. Good plans include a broad range of financial topics, including living expenses and detail on saving and asset allocation by account type.”