I know you can’t believe everything you read on the internet. But I share these links with you on Thursday because they’re worthy of reflection and discussion.
This week’s link is called 8 Eye Opening Findings About Money & Relationships. And frankly, it’s sadly predictable. Despite (or because of) the fact that money is so important in a relationship, men and women routinely lie to each other about money. The results? More fighting, mistrust, and cause for friction.
…men and women routinely lie to each other about money. The results? More fighting, mistrust, and cause for friction.
- Finances are the leading cause of relationship stress
35% of people experiencing stress in their relationship said money was the cause of tension. Annoying habits came in second at 25%. (SunTrust Bank survey)
- Spending & saving is in the eye of the beholder
34% of individuals that were part of a couple said they were the savers and their partner was the spender. Only 13% said the reverse. 47% of respondents said they and their partner had different spending habits. (SunTrust Bank survey)
- No need for consultation
35% said they do not consult with their partner about large purchases. (SunTrust Bank survey)
- Hide money rather than argue about it
One in five Americans say they have spent $500 or more and not told their partner. (CreditCard.com poll)
- Keeping secrets
6% of Americans maintain secret accounts or credit cards. (CreditCard.com poll)
- Savers are sexy
55% believe a strong budgeting and saving strategy was the most appealing money-related quality when considering a relationship partner. (Ally Bank survey)
- Birds of a feather flock together
75% say it’s moderately to highly important to find a partner that has a similar approach to money and budgeting. (Ally Bank survey)
- Bad spending habits lead to fights
One third of respondents said that their money related fights were because of spending, rather than saving habits. (Ally Bank survey)
I’m lucky that my wife is not a shopper or a brand name person. She’s a saver who likes to spend our disposable on experiences – concerts, plays, parties, trips. Thankfully, we’re on the same page and have never had a fight about money since we’ve been married.
Be 100% transparent about your income, savings and spending habits.
But since this is an advice page, here’s one tip you can take to the bank:
Be 100% transparent about your income, savings and spending habits. Either you and your partner will get on the same page or you won’t. But at least you won’t get married to a person who is fundamentally incompatible with your values.
Your thoughts, below, are greatly appreciated.