Love And Money Survey Finds That Talking About Finances Is Good For Your Relationship
Everyone knows that communication is key in relationships. And it’s also a well-known fact that talking about money is one of the biggest causes of fights between couples. So what to do? Should you talk about everything except for money, in hopes of avoiding a fight?
Not according to a recent survey by TD Bank, which found that couples who regularly discuss money are happier in their relationships than folks who save those thorny money talks for a few time a year ¬– or less.
The second annual TD Bank Love & Money Survey found that young people are the best at talking about money with their honey. Seventy-four percent of folks ages 18-35 said they talk about money with their significant other once a week, at least. Nineteen percent said they talk about it at least once every month. And almost half of them (48%) said they talked about money with their partner before they even went on their first date. How can this be? The people who talked money before that first encounter met each other online and chatted over text messages or on the phone before meeting.
Sharing is caring
Since Millennials are frequent users of online dating services and apparently happy to talk about their bank account balance and credit card debt before even knowing who will foot the bill for the first date, you might think that they’re happy to share finances and open joint accounts, as well. But you’d be wrong.
Forty percent of Millennials said they would not share a credit card account with their loved one, and only 68% had a joint bank account with their partner. Among people of all generations, 76% shared a bank account and 63% shared a credit card account. Of the folks who shared a bank account, 79% said they were happy in their relationships. Sixty-eight percent of the credit card-sharers said they were happy.
Talking about money is still hard to do
And just because young people are open to talking about money, doesn’t necessarily mean they aren’t still uneasy about it.
“Talking about money can be uncomfortable,” said TD Bank’s Ryan Bailey. “Establishing a healthy dialogue about finances can help couples get on the same page from the start and result in happier relationships in the long run.”
