Study: Newlyweds and money
One in 5 couples identifies money as their greatest relationship challenge.
Interesting findings from ‘engaged couples’ regarding money…
Close to half (49%) of couples don’t talk about money before marriage! 41% Don’t reveal their salaries. One-third of couples (36%) actually reveal how much debt they have!
On survey finding that over 60% of couples admit to being “financially incompatible” with their partners – due to differing philosophies about spending, saving, and investing their money.
Some helpful tips (especially for newlyweds)…
Open the books: Share your financial info with your spouse. This “show and tell” can be a way to talk about how much student loan or credit card debt you have or how you intend to save for retirement.
Set a time and place for a special date: Pick a day and location that’s most convenient and calm for both of you for the money talk. You want to be able to focus and not be interrupted.
Align your finances: Figure out who will handle certain money matters or how you’ll split these expenses. Make sure you both have access to shared accounts.
Should couples have joint accounts or separate accounts? Research shows that couples who have a joint account ‘allows’ for a happier marriage. https://www.cnbc.com/2023/02/14/most-couples-financially-incompatible-having-a-money-talk-could-help.html