By Peter Andrew
Back in the 1990s, soon after my better half and I moved in together, my parents came to stay. We all went out for a shopping trip one morning, and when my dad saw my partner’s spending habits, he was aghast: “Good grief!” he said to me, disbelievingly. “You’re the financially responsible one in this relationship?!”
Dad was right to be worried. I already had an unchallenged reputation for financial incontinence within my family, and he had naturally assumed it would be impossible for me find anyone worse in that respect. Yet here we were. And, amazingly, we’re still here; still a couple more than 25 years later.
Ignorance isn’t marital bliss
It’s surprising we’re still together because finances are a huge source of conflict within relationships. Back in 2012, Money Magazine commissioned a survey that found married couples argue more about money than anything else: more than sex, household chores, time spent together and (unbelievably) even snoring.
And yet it’s something few engaged couples explore ahead of their marriage. And, you might assume, even fewer unengaged couples do before they shack up together. In May 2016, credit bureau Experian published the results of a survey that found just how poorly prepared many newly weds are for their spouse’s financial foibles:
- Some 40 percent didn’t know their spouses’ credit scores.
- A third didn’t know the extent of their spouses’ student debts.
- A quarter didn’t know their spouses’ annual incomes.
Money matters matrimonially
The survey uncovered just how stressful it Read the full article »