Open communication key to couple finances
Bankrate: 40% of people in a committed relationship have kept a money secret from their partner
(InvestigateTV) — A 2023 study by NerdWallet and Zola found that 67% of engaged couples struggle with financial conversations, even though money is one of the top causes of arguments.
Cherry Dale, the vice president of financial education at Virginia Credit Union, said having a conversation about money early in a new relationship can be beneficial in the long run.
“Money is a feeling for many, many folks and impacts, it can be a positive or negative thing, and it can be a great conversation starter just to get to know someone,” Dale explained. “And that can help to give you a perspective on where they’re coming from with their spending habits.”
Dale said as relationships progress, couples can start to have more meaningful money talks. They can discuss financial goals, where they want to be in 5 or 10 years and start seeing if their answers align.
“Couples fight about money, let’s be honest. This is one of the number one fights that couples have,” she said. “If you can start having conversation early on in your relationships, put out expectations and where you’re coming from. It’s going to set yourself up for when you get even more committed with somebody.”
Dale said as commitment grows the possibility of moving in together or getting married is discussed, it’s even more important to understand each other’s money goals.
She says that is a great time to have a deeper conversation about debt, credit scores and other money matters.
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