Here’s How Often Couples Fight About Money, So Let’s Break Down The Numbers On Financial Feuds
Nothing is less romantic than a heated debate over credit card bills. Money is one of the biggest triggers for arguments in relationships, but just how often do couples clash over their finances? Let’s break down the numbers on those financial feuds!
According to new research conducted by Talker Research on behalf of Wise, younger couples are more likely to have disagreements about money. Millennial respondents reported about six arguments per month, while baby boomers only reported three.
A total of 2,000 Americans were surveyed, with 500 in a cross-border relationship, meaning that they have a partner living in a different country.
The survey found that 32 percent of Americans were uncomfortable discussing finances in their relationship. Of those uncomfortable with talking about money with their significant other, 44 percent worry that discussing finances will lead to disagreements.
The average couple reported having 58 money-related arguments a year. For those in a cross-border relationship, disagreements were more common, averaging 72 arguments a year.
Across all participants, arguments were most likely to focus on necessities versus non-essential items and how much money should be saved.
The risk of starting arguments was not the only reason respondents felt uneasy discussing finances with their partner, though.
Nearly a third said that these conversations were difficult because they were not on the same page about how much to spend and save, while a quarter felt their partner was less responsible with money than them.
Approximately 27 percent of those with a significant other in another country noted that money conversations can be uncomfortable because of different cultural attitudes regarding money.
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Furthermore, 82 percent of Americans surveyed believe that couples having similar mindsets about money is important for maintaining a healthy relationship. However, only 69 percent have a similar philosophy about money as their partner.
“From cultural differences to individual preferences, how we manage our finances is personal, determined by how we think about the world and the things we value the most,” said principal product manager Ankita D’Mello.
“But having conversations about money with a romantic partner is important to build toward a shared financial future.”
“By learning about your partner’s attitude toward money or working together to find tools and money management techniques that work in our relationship, couples can turn typically challenging conversations into opportunities to grow closer together.”
Living situations can also affect how much couples need to talk about finances. For example, 42 percent of couples in cross-border relationships believe they have more to discuss than couples who live in the same place.
Staying up to date on currency conversion rates is another challenge among cross-border couples, as well as figuring out the best tools for sending and receiving money.
You can see the study here.
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