Western & Southern Financial Group, a group of diversified financial services businesses, conducted a survey of the most important financial discussions for couples, finding that 63.6% of Americans surveyed have never discussed debt with their spouse.
Poor communication and mismatched values can cause couples to break up. But these areas often encompass finance as well.
“Before getting married, couples didn’t talk much about finances. But then the talk of investing, pooling checks and saving for retirement began to gather steam. Now that they’re married, couples may feel like they have all the time in the world to address these issues. But actually, you might regret it if you wait too long to go over these things together”, says the Western & Southern Financial Group report.
“If you are still dating or looking for a partner, the best thing to do is get rid of your personal loans and credit card debt, according to the sentiments of our respondents. Whether you’re in a relationship or not, making sure you’re financially literate will prepare you for financial planning conversations when they come up. The more informed you are, the less likely those conversations will turn into fights.”, adds the business site.
According to the survey, credit card debt is the top financial deal breaker among surveyed millennialswhile couples with joint checking accounts were the most likely to fight over spending habits among all couples surveyed.
Personal loans were the most prominent financial deciding factor overall in this studyfollowed by credit card debt, lack of financial education, irresponsible spending and student loans.
Talking about finances can strain relationships, sometimes damaging them beyond repair. While the occasional argument can be healthy, it’s essential to avoid heated arguments.
“Before you settle down for life with your partner, there are some critical conversations to have. While agreeing on whether or not to have children can end a relationship cold, the same can be said about the financial situation and habits of each couple”, dice Western & Southern Financial Group.
The survey was conducted among 1,008 married Americans, of whom 585 were men, 422 were women, and one identified as non-binary. Respondents included 118 baby boomers, 277 Gen Xers, 468 millennials, and 145 Gen Zers.
For more details about the survey, Enter here.
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