An economic recession can be stressful, and for a marriage that already has some difficulties this can often lead to the straw that breaks the camels back. However, a recent survey by Country Financial says that couples who have a financial plan show better communication and more trust than those who do not.
The Couple That Saves Together, Stays Together
The survey, which interviewed over 2,000 married couples about their financial planning practices, shows that 66% of couples who make a financial plan trust their spouses to make the right investment choice, compared to 58% of couples who do not have a plan.
Overall, only 74% of the couples interviewed said that they discuss long term savings and investment strategies together, with the highest income level ($100K+) being the most likely to have a set financial plan. According to the survey, it appears that couples who are open in their communications are also more open with other things as well, and that talking about long term financial plan, as with any other plans, demonstrates trust and security in the longevity and security in the relationship.
Another interesting statistic to come out of the survey is that while 88% of Americans say they do not spend money on purchases kept secret from their spouse, 13% or women and 10% of men admitted to not tell their significant other about a purchase that they made last year. The majority of these secret purchases lay with the spouse who was not the primary financial decision maker of the family.
Although the study did not investigate the success rates of these marriages, it’s easy to extrapolate that if a couple keeps secrets about their finances from their spouse, there could be other secrets as well. A marriage that is open and honest concerning its finances appears to spill over into there being more trust and communication in other aspects of the relationship as well.