Just as the spring wedding season arrives, a new survey on money and marriage has been released that finds married couples discuss money less than two times a month and argue over money about five times a year..
TD Ameritrade and LearnVest surveyed over 2,000 male and female respondents ages 18 to 82. When a person chooses a partner, the survey found, money and potential earnings were not as important as personality, character and looks.
Poor financial habits, however, did rate as a deal-breaker for approximately two-thirds of respondents. Lack of motivation to succeed, financial dependence on parents and excessive credit-card debt were seen as undesirable in a potential partner.
“Couples are bringing more financial baggage into the relationship than ever before. They have 401(k)s, student loan debt, investments and even mortgages. So, it’s more important than ever for couples to talk about their finances and work together to develop a plan,” said Carrie Braxdale, managing director, investor services at TD Ameritrade.
There is a lack of communication and trust when dealing with money for some couples. The survey found that 43 percent of respondents do not follow a budget. Forty percent do not completely trust their partner to manage the combined finances and 21 percent admit to sometimes hiding their spending habits.
According to Braxdale, couples can take a few steps towards financial agreement. Talk about your financial situation before you wed. Create a budget and set savings goals. Most important, joint participation in managing the household finances is key to minimizing financial arguments.