Money is u s u a l l y the last topic to c o m e up in a couple’s discussion. Often when it does come up, the tendency is to quickly get it over with and move on to a less confrontational discussion. It is not really romantic to talk about money especially when your income has been hammered by self-inflicted “recession” vibes.
A study released recently, which focused on Couples & Money and conducted by TD Bank, may however have found the link between couples discussing money and happiness. Survey topics included how couples talk about money, how much they spend on special occasions, how they manage their money and if they have financial secrets.
The study found that 78% of those who talk about money at least once a week have a higher level of happiness in their relationship and half of those who discuss finances less than every few months say they are happy. Among the age bracket, the survey showed that millennials who fall within the ages of 18 and 34 are the happiest with 49%. Marriage for millennials does not necessarily translate to commitment in a relationship. For 73 percent of millennials living together shows commitment. 45% of millennial couples talk about money at least once a week, while 29% say they talk about money daily.
Speaking on the survey, Ryan Bailey, head of consumer deposits, payments and personal lending at TD Bank said, “Establishing a healthy dialogue about finances can help couples get on the same page from the start and result in happier relationships in the long run.” Money arguments according to experts often precipitate the divorce discussion. Discussing money as a couple should bring you together not tear you apart. Money secrets should be avoided between couples as much as possible. It may be difficult especially if you had gone against your better judgment and ignored your better-half’s advice.
Once the mistake is made, redeeming yourself may require complete disclosure which does not come with guarantees that the other person will understand why you did what or better still will know how to deal with it in order to help the both of you.
“Blame and judgment have no place in any supportive conversation,” says Stefanie O’Connell, a millennial money expert. You may not have to agree with the financial choices your partner made but
O’Connell recommends you seek to understand his or her behaviour or viewpoint.
