Georgia consumers expect to combine finances once they tie the knot – but they aren’t discussing it with their significant others.
According to Georgia Credit Union Affiliates’ 2017 Mid-Year Consumer Survey, about 58 percent of Georgians think it’s best to combine at least some of their financial accounts and bills with their partners.’ Another 27 percent think married people should share 100 percent of the household’s finances. But 64 percent of the respondents who were married or engaged said they didn’t set aside time to agree on a financial plan with their future spouse before saying “I do.”
American couples don’t generally love discussing money, and Georgians are right in line with national trends. Only about 43 percent of couples in America talk finances with their significant other before marriage, according to the American Express Spending and Saving Tracker.
In fact, about 91 percent of American couples actively look for reasons to avoid talking to each other about money.
They’re not talking about it, but couples are stressing about money. The American Express poll found that nearly 30 percent of couples said finances caused the most stress in their relationship.
A study conducted by the University of Denver’s Department of Psychology found financial problems were the fifth-most cited reason for divorce – ahead of substance abuse and domestic violence. Both sides of about half the divorced couples agreed financial problems were a major reason they divorced, according to the study.
For more, including tips on talking to your significant other about money, read the Georgia Credit Union Affiliates’ December issue of Consider This.