Survey finds that “for richer, for poorer” can put strain on intimate relationships
Nearly three in four married or cohabitating Americans said financial decisions are a source of tension in their relationship.
Valentine’s Day is fast approaching, but financial problems are putting a damper on romance for many couples.
“Investing in financial compatibility early on pays dividends in the long run,” said Gregory J. Anton, chairman of the American Institute of CPAs’ National CPA Financial Literacy Commission.
“If left ignored, financial stressors can tear through a relationship and ruin more than just your bank balances. It’s important to talk and have a strong sense of financial familiarity in a relationship. When you share your money values and set joint financial goals together, you help to set your relationship up for success.”
A new poll by the organization supports his observations:
Nearly three in four married or cohabitating Americans said financial decisions are a source of tension in their relationship.
Of these, nearly half said this tension has negatively affected intimacy with their partner. Intimacy issues are more often experienced by men (52 percent) than women (41 percent), and especially for those who have children in their household (60 percent).
Nearly 70 percent of Americans married or living with a partner have had a disagreement with their companion about finances in the past year.
These disagreements most often revolve around needs vs. wants (36 percent), spending priorities (28 percent) or making purchases without discussing them first (22 percent). Paying off debt and saving for larger purchases round out the top five
Whether it’s a large amount of debt or assets that have been kept concealed, or a secret bank account, financial infidelity is destructive to trust, and for some, that is enough to end their relationship.
The survey found that two in five Americans who are married or living with their partner would be at least somewhat likely to end their relationship if they discovered their partner was dishonest with them about their finances. This includes 20 percent who would be extremely or very likely to call it quits.
“Talking about money can certainly be uncomfortable, but candid discussions about your financial situation and goals are critical,” said David Almonte, also of the Financial Literacy Commission.
“Both personal and financial benefits can come from scheduling regular financial check-ins with your partner. Discussing a shared financial outlook will not only bring you closer to your joint financial goals but can help to bring you closer together as a couple as well.”
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