Although most couples say they are usually in agreement about spending habits and financial goals, nearly half say they’ve had fights about money, according to the Edelman Financial Engines Everyday Wealth in America 2022 report.
Even more troubling, about 1 in 5 say unhealthy money issues are a threat to their relationship. One of the reasons many couples fight about money may be their lack of healthy communication on the topic. Our report revealed that just 37% of couples have detailed discussions surrounding their financial goals, and only 38% talk about the ins and outs of their finances.
- 31% of those surveyed say that they have fewer financial disagreements now than they did when they were younger and had less money.
- Only 13% say their disagreements have increased with age.
However, even though nearly one-third of respondents say their money disagreements lessened with age, less than two-thirds of those in their 60s say they agree with their significant other about what they want their retirement to look like. And 11% say they haven’t even discussed or thought about retirement.
The good news is that there is an appetite among all couples – regardless of age – for more and better communication.
- 38% of those in a relationship say they wish they talked more about finances.
- And although we’ve seen that finances can be a source of conflict in a relationship, a whopping 83% of couples say talking about finances more can help resolve disagreements.
- In fact, those who discuss finances in detail are twice as likely as those who only discuss it in passing to report that their relationship has never been stronger.
Yet, despite their desire to talk about their finances more, many couples don’t know where to start. That’s where a planner can help, and in some cases, can even become a catalyst for change.