Financial experts say some American couples resist financial discussions. They say couples who avoid money talk are avoiding the ultimate form of intimacy. Open financial communication is one way couples can prevent conflict or resentment over finances.
American men and women polled by TD Bank view marital finances differently, with more men calling themselves “breadwinners” and more women viewing the family’s money as “ours” (54%), compared to 48% of men saying the same.
One in three people committed financial infidelity last year, and 40% don’t know how much their partner earned—according to other recent studies.
Talking honestly, early, and regularly about finances helps prevent divisions, say experts, as well as using a joint account for joint expenses.
Who pays the bills, invests the money, and makes the financial goals in your home? Are you both up to date on accounts, debts and activities?
I’ve found using a third party financial expert to review and regularly update finances helps us both stay informed. It also keeps one spouse from having most of the financial responsibility for key decisions on financial planning or investing. We feel strongly that both spouses should be financially prepared and informed–including insurance accounts, bank accounts, etc. Check your beneficiaries to be sure there are no surprises in the event of death or disability.
What’s your strategy for financial transparency in your marriage? Do you need to schedule a money talk?
Source: USA Today
Lori Lowe has been married to her husband, Ming, for 19 years. She is the author of First Kiss to Lasting Bliss: Hope & Inspiration for Your Marriage. It tells the inspiring, true stories of couples who used adversity to improve their marriages–from overcoming drug addiction to cancer, infidelity, religious differences, and infertility, among many others. It’s available at Amazon.com and in various e-book formats here.
Photo courtesy of Morguefile.com.