Although financial issues often create mountains of problems within a marriage, most engaged couples and newlyweds aren’t talking about money on a regular basis, according to the findings of a new survey by Northwestern Mutual and wedding planning and registry specialist The Knot.
Only 37% of newlyweds and engaged couples are talking about their finances monthly, the companies said in an announcement about the study’s findings. “While being on the same page financially is critical to a happy, long-lasting marriage, nearly 3 in 4 (72%) of those surveyed do not have a clear plan when it comes to saving for their passions, which can make the difference between domestic bliss and domestic discord,” according to the companies, who were collaborating for the first time.
The Moneymates survey also found that financial stability was the largest long-term worry among survey respondents, with 40% of them citing that concern — ahead of raising kids (30%) and maintaining intimacy in their relationships (24%).
A whopping 82% of the 1,834 respondents also said they felt closer to their partners when they agreed about money, but only 52% of them were talking weekly with their partner about their finances. In addition, about one in four (22%) of respondents said they had monthly disagreements with their partner about budgets.
It was especially “surprising to see that although 82% of couples feel closer to their partners when they’re in agreement about money, 40% feel anxious when they think about financial planning as a couple and 20% admit to hiding purchases and cash from their partners,” Kristen Maxwell Cooper, The Knot editor in chief, told ThinkAdvisor on Friday. She added: “Planning a wedding can be a big financial commitment for some couples, and tends to bring up discussions about money maybe earlier than some couples want to discuss.”