COVID-19 Has Made Couples Much Better at Talking About Money
TD Bank released the results of its six annual Love and Money survey, and found that there’s one financial trend couples seem to be increasing since the pandemic — opening up about their finances.
Last month, TD Bank posted the results of a Love and Money survey that polls married, divorced, and committed individuals to understand more about how they navigate finances in their relationships.
While most of the participants admitted that their financial goals have been thrown off course by the pandemic — 67% found it difficult to achieve money milestones last year — more than half of all couples surveyed (52%) noted that they have found it easier to open up to their significant other about money in the past year.
“Even with the clear financial set-backs imposed upon Americans by COVID-19, we’re seeing money conversations increasing among couples and the stigma around discussing finances diminishing,” Mike Kinane, Head of Consumer Deposits, Products and Payments at TD Bank said.
Although couples are finding it easier to talk to one another about finances, it doesn’t mean they always agree on money goals. While 86% of couples noted that they talk about money monthly, 30% of them admitted that these discussions often lead to financial arguments.
“This silver lining creates a unique opportunity to educate couples about managing their money in the short-term and how they can maintain an open dialogue about finances, better positioning them to revisit their longer-term financial goals when life returns to normal,” Kinane said.
It also seems that couples have a mixed view of who’s in charge of household finances. The survey revealed that 61% of women said they were the sole deciders of financial matters, while 62% of men claimed financial decisions were made as a couple.
The good news is, with money conversations increasing between partners, fewer money secrets are left hidden and more discussions can be had about short- and long-term goals.
“Couples can use today’s financial challenges as a catalyst to discuss near- and long-term financial goals,” said Kinane. “While debt and bills may have been hard to talk about before, the pandemic has made it easier – and necessary – to have an open conversation on these topics.”
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