Research has found that 64% of Americans know their partner’s bank passwords, but more recent data shows that money can be a source of trouble for those who are married. In fact, new research from TD Bank reveals that one-third of couples who’ve tied the knot fight over cash “at least once a month.”
While retirement-related worries were the worst financial issue at 18%, “not being able to provide for their families” wasn’t far behind at 14%. However, what’s even more alarming is that 34% surveyed said that “living paycheck-to-paycheck” is the biggest thing getting in the way of achieving what they want financially.
Here’s how couples deal with money
Sixty percent of people “in committed relationships” say that they discuss finances with their other half a minimum of once weekly.
But, while 55% of couples pool their money together, 70% say that they “share decisions around” major things that they buy. Still, 61% of women say that they are “the primary decision-makers for everyday purchases.”
Forty-two percent of people who called off their marriage through divorce say that their money was better off after separating from their ex.
Jason Thacker, Head of Consumer Deposits and Payments at TD Bank, commented on the research in a statement.
“Having a conversation about money early on is important … Every relationship is different – different goals, challenges and steps needed to take in order to get where you want to be. That’s why being open, honest and understanding each other’s priorities when it comes to money is crucial to your overall financial health and success as a couple,” he said.
Homes also don’t come easy, with 19% of couples saying that “financial stress” is the reason why they put off purchasing one.
Here’s how money impacts people’s relationships
In terms of dating, 32% of couples say that each person forks over money for “bills on a regular basis,” and 84% of men who are “committed” said that they paid for “the bill on the first date.” But just under half of men who are “committed” — 49% — reported that they mainly “manage all the bill paying.”
However, while 16% of people said that they found their other half on a dating website, 27% of people in this category said they went so far as to talk money before even laying eyes on each other “in person.”
MARU/Matchbox reportedly surveyed 1,749 dating, married or divorced Americans for TD Bank’s research.