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When Did You and Your Better Half Discuss Finances? [Infographic]

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.

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.

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About Brittney Burgett

Brittney Burgett is the marketing and communications director at Haven Life, a customer-centric life insurance agency backed and wholly owned by MassMutual. She joined the startup more than five years ago as one of the first ten employees and oversees external communications, content, SEO and various other growth marketing initiatives. Brittney is a passionate leader who believes that managing your financial life doesn't need to be intimidating or complicated and brings that philosophy to all the editorial and brand work at Haven Life. Prior to her role at Haven Life, Brittney worked in public relations, her client list included brands in the tech, food and nutrition spaces.

Read more by Brittney Burgett

Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html

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