ROCHESTER, N.Y. — A recent survey by Fidelity found many couples have a tough time talking about money, which leads to a host of financial problems.
Almost 70% of couples surveyed said they didn’t have a full picture of their partner’s financial situation until after they had moved in together. And even then, folks tend to steer clear of conversations about their cash.
That triumphant trek to marital bliss is expensive. According to The Knot’s survey of more than 10,000 couples, the average cost of a wedding is $34,200.
So you’d think after having planned an event that costs as much as a car, couples would know everything about their partner’s finances. Fidelity says that’s not the case.
“Early on it’s important to cover the basics — things like income, debt, savings habits and financial goals,” said Frank Maltais, a financial consultant at Fidelity Investments.
But 68% of couples say they didn’t get a good look at the full picture of their partner’s finances until after they’d begun living together. And even then, money matters are tough topics.
“Most couples feel good about their financial partnership but nearly half say they avoid money conversations to prevent conflict,” Maltais said.
Deanna Dewberry, News10NBC: “Do you find that there’s any generational differences?”
Maltais: “The younger generations, they’re much more likely to keep accounts separate and they’ve told us a big driver of that is independence. About two thirds of people say that it’s important to maintain some financial autonomy.”
But separate doesn’t mean secrets. The key to coupling your cash and reaching your goals requires honesty.
“Whether couples combine everything, keep things separate or perhaps do a mix of both, success really comes down to communication and transparency,” Maltais said.
Dewberry: “For couples who are having trouble with this, how do you start opening those lines of communication?”
Maltais: “It really comes down to two simple steps. Start small and stay consistent. Set aside some dedicated time maybe something even like an occasional money date to talk in a low pressure way.”
Talking about our finances is hard because money matters are emotional. Acknowledge that and keep these initial cash conversations casual, like over date night.
RELATED:
Consumer Alert: How financial secrets could impact your relationship this Valentine’s Day (Feb. 10)Consumer Alert: Fidelity survey shows nearly half of couples avoid money conversations WHEC.com.
Hence then, the article about consumer alert fidelity survey shows nearly half of couples avoid money conversations was published today ( ) and is available on News10NBC ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Consumer Alert: Fidelity survey shows nearly half of couples avoid money conversations )
Also on site :