Many couples agree communication can be a significant stumbling block in a relationship, and nowhere more so than when it comes to money. Whether it’s deciding to open an account, planning for the future, or just coming up with grocery money, a new study shows couples tend to lie to each other about how their money moves around.
Do People Hide Finances From Their Partners?
About 40 percent of U.S. adults aren’t completely honest with their partners about how much they make, spend or save. They also may not be telling the truth about how they’re spending that money. What’s more, a third of Americans with credit card debt don’t admit how much they owe to others.
“The important thing is that both people need to be involved in the finances at some level,” said financial planner Jean Keener, in an interview with MSNBC regarding financial honesty.
Linda Homsey, a certified financial planner, had one good financial tip for couples: Accept who you are and who your partner is. If one of you is a saver and the other a spender, reconcile that and try planning your finances based on personality types. Isolating wants versus needs can also help couples keep track of finances together and encourage communication, as Homsey wrote in the Ladies’ Home Journal.
“We were told growing up, ‘Don’t talk about money, it’s nobody’s business,'” said Homesy in the Journal interview. “Perhaps the most common reason people have trouble communicating about money is that they have been taught that money and discussions about money are taboo.”
Do Couples Fight About Money?
According to the AIPA results, about one-fourth of couples fight over money, and Homsey says much of this could be due to long-standing ideas children get from their parents about money. Finding tools like online banking or mobile banking solutions may assist couples with reviewing their accounts together from home or on the go, allowing transparency and more open and honest communication about where money is coming from and where it’s going on a regular basis.