February 20, 2014

Love Is Blind, Even with Dollar Signs

[For the official release, check out the complete survey and results]

Can you have trust in a marriage without communication? According to our latest COUNTRY Financial Security Index survey, maybe at least when it comes to money.

Our latest survey of married couples shows:

  • 63% of married Americans completely trust their spouse’s money management skills.
  • Yet, 42% did not talk about how they would handle their joint finances before marriage.

It appears this hesitation to discuss money goes past a couple’s “I dos.”

  • Maybe because of their trusting nature, 52% of married Americans don’t feel they have to ask permission to buy something outside of their usual household expenses.
  • But, it looks like men are more likely to ask permission than women (47% vs. 35%)

What Our Experts Say: Topics like spending and savings habits, your financial history (credit/debt) and your personal financial goals should be top of mind for married couples to talk about. Love might be blind, but your financial plan shouldn’t be.

Young married Americans in Generation Y appear to be a generation of planners.

  • 77% of Gen Yers discussed how they would handle their joint finances before marriage, the highest of any age group!
  • Plus, Gen Yers were also the most likely to discuss pre-existing debt and have a plan for paying down that debt.

How do married couples deal with debt? And, what about couples with children or those who earn more than $200K – are they more talkative about money? Take a look at our infographic and find out!

Love Is Blind Infographic

For more data and insight, check out our complete survey. You can also download a copy of our May 2013 survey data and Love is Blind infographic.