The bank surveyed over 1,000 US adults
Ally Bank has found that couples who have the “money talk” report feeling happier and more confident.
Despite 90% of the respondents say it is important to be open about finances, nearly half aren’t doing it effectively.
Of those who wish they knew more prior to committing to their partner, almost two-thirds wish they knew more about their partner’s spending habits and 39% wish they knew more about their partner’s debt.
According to the report, while many couples vow to stay together “for richer and for poorer,” most agree that statement doesn’t adequately cover the topic of managing finances together.
Respondents who consider themselves financially open with their life partner report feeling 37% more confident, 34% more organized, and 26% more motivated compared to couples who are not.
Besides, the survey claims there’s never been a more opportune time to raise the topic. In fact, 47% of all 2020 wedding celebrations were postponed due to the pandemic, meaning more couples than usual are on the verge of starting their lives together.
To help couples broach the sensitive subject, the bank launched an interactive Financial Vow Generator that lets any couple commit to not only “love and cherish,” but also to be open with one another about their money habits. The couples just answer a series of questions that determine their money personality and then develop a set of humorous and encouraging financial “I do’s” that fit their general profiles. An example of one financial vow begins with, “I Daphne, ‘the splurger,’ take thee Joe, ‘the super saver,’ to be financially open.”
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