Discussing finances with anyone is a tricky subject. Think of when it comes time to split the bill and you know you didn’t have as many drinks as your companions. Or, remember when you needed to tell your future spouse about salary, savings and credit score?
Speaking openly about finances is a vital conversation for successful couples. However, despite this being an important subject, many Americans are having a difficult time taking the plunge and putting their finances out on the table.
Results: Americans Don’t Like Talking About Money
Earlier this year, we conducted original research with YouGov to get to the bottom of how we feel about financial topics and to figure out when Americans have this discussion. What did we learn? One in five Americans has secret debt their partner doesn’t know about. And, 27 percent of Americans with financial secrets are hiding a secret checking account. Additionally, a significant number of Americans are waiting until they move in with their significant other to have these important monetary discussions.
There is clearly a communication issue when it comes to discussing money. But, when you know there is a problem, that’s when you can come up with a solution.
While talking about your salary, debt or financial goals may feel like an uncomfortable subject, it’s also a liberating one. Only when you discuss these topics, can you work with your partner (and even friends) to make sure you’re choosing a more affordable cocktail spot, a smaller mortgage and making strides to save more and pay off your debt.
Our challenge to you: Make a point of discussing your finances with someone this week. It can be your significant other, a friend you’re grabbing dinner with or a family member. Tell them what your financial goal for the year is (for example, saving to purchase a home or paying off 25% of your student loan). You may be surprised to find out they are in the same boat as you or that they have a good idea for helping you reach your goal.
Do you think some financial secrets are OK to keep, or should it be full disclosure with your partner? Share your thoughts with @HavenLifeInsure using #MoneySecrets.