FinMasters: 20% of Americans Avoid Talking About Money With Their Partner in Fear of Starting an Argument

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FinMasters

Sep 19, 2022, 12:50 ET

Over 50% of Americans have responded by stating that they are keeping financial secrets from their partners.

NEW YORK, Sept. 19, 2022 /PRNewswire/ -- Money and disputes over money can also have a huge impact on relationships. Money issues have been found to be the 3rd leading cause of divorce and a leading cause of conflict in relationships.

There's little doubt that relationships and finances can be a combination that generates conflict. There's much less information available on what causes that stress and who is more likely to be affected.

FinMasters surveyed more than 1100 Americans to find out more about how couples and finances interact.

Full report: Relationships & Finance: How Couples and Finances Interact

Key Findings

  • 83% of American couples talk about money: 92.78% of married respondents, 78.13 of engaged respondents, 83.54% of those in domestic partnerships, and even 63.7% of those who were dating reported that they talk about money and finances "often" or "sometimes".
  • 20% of respondents find it difficult to talk about money with their partners.
  • 20% avoid talking about finances with their partners for fear of starting an argument.
  • Conflicting spending habits, different or incompatible priorities, and debt were reported as the most common causes of arguments over money.
  • Around 1 in 10 Americans has a secret credit card, hides cash and minor purchases from their partner.
  • Most Americans earning under $100,000 a year would not spend $100 without talking to their partner first.
  • 9% of people would spend over $5,000 without telling their partner.

About the survey
The survey responses were collected from August 8 to August 9, 2022, via SurveyMonkey, with a total of 1,226 participants from across the USA. Respondents represent a national sample balanced by census data of age, gender, income level, and region. The survey had a margin of error +/- 4% with a 99% confidence level.

About FinMasters.com
FinMasters, a Vertigo Studio brand, is a personal finance website dedicated to financial education and in-depth research of financial products and services. For more information please visit www.finmasters.com.

SOURCE FinMasters

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