Estimated Read Time: 8 minutes
Post Last Updated: 14th February, 2023
The new couples cash report also revealed one third of people in a relationship (30%) don’t feel at all comfortable talking to their partner about money.
Money in relationships can often cause conflict but just how many of us are arguing about it? We surveyed 1,255 people based in the US who are in long-term, committed relationships to see how their bank account is affecting their relationship.
Those in relationships had an average of $19,865 in savings, while those who were not only had $14,377 stashed. We discovered 1 in 3 men (36%) agreed that they felt pressured to spend more by their partner, while only 1 in 4 women (26%) agreed to feeling pressured. Those who disagreed were nearly evenly split between men (54%) and women (45%). However, financial inequality in relationships is common and could be a reason why partners are feeling the pressure.
As expected, it was those who earned the highest annual household income that felt pressured to spend more, with those earning over $95,000 a year agreeing (34%). One trend that was spotted was that the older the person was, the less likely they were to feel pressured to spend more as naturally spending becomes tighter.
The new couples cash report also revealed one third of people in a relationship (30%) don’t feel at all comfortable talking to their partner about money, and 1 in 7 (14%) agreeing that they would rather talk about their sex life than money with their partner. However, we know talking about money in an early relationship can be tricky, but it’s vital to have important money conversations before marriage so you know what you’re both signing up for.
Another age pattern spotted was that the older the respondent, the more comfortable they are talking about their finances with their partner, with 1 in 2 (52%) baby boomers disagreeing and 1 in 3 (35%) of millennials agreeing. This is backed up by expected salaries of those younger with less work experience as those on lower wages agreed they felt most uncomfortable.
Two in three people (71%) revealed they have argued with a partner about money, with one in three (31%) admitting they’d had an argument with their partner about money in the last month – and for one in six (16%) that was as recent as the last week. People in the 34-54 age group are most likely to admit to arguing with their partner about money – which is likely to coincide with financial pressures around family life and home ownership for most.
Additionally, those earning the least were agreed the most to arguing about money and more frequently than couples on higher salaries, with those on lower earnings arguing the most per week and per month. One in four (26%) earning $25,000 or less argued about money in the last week and the same number for those earning between $25,000 to $35,000 argued within the last month.
These arguments may well be leading to secret-keeping. One in five (21%) admit they hide things they’ve spent money on from their partner – rising to 1 in 3 (28%) of 45-54s. That ties in with the same number (20%) suspecting their partner is being dishonest with them about their finances. More than one in eight (13%) has debt they’re keeping secret from their loved one.
Further reasons for tension are around an imbalance of earning – with 20% saying either they or their partner earn significantly more than the other, which causes issues.
One in five (20%) said they had a more relaxed attitude to spending than their loved one, according to the research, and 13% said their partner was more relaxed about money, creating tension.
To help support consumers have a healthy relationship with their partner around money and prevent couples falling out, Stackin’s financial therapist Megan Ford, PH.D, has 5 top tips:
