Research from Portafina, reveals that more than half (59%) of Brits stated that being open and honest is key. Despite this, one in six (15%) loved-up Brits admit to worrying that their partner hides financial information from them.
Discussing money matters remains a tricky subject for many couples as 57%2 of consciously-coupled Brits revealed they aren’t open with their long-term partner about their finances. And when it comes to pillow talk, couples are more likely to talk about their sex life than their debt (67% vs 57%).
With almost two thirds (64%) of Brits having concerns that money could have an impact on their relationship, experts from Portafina reveal three ways talking about money could take your relationship to the next level.
1. What’s mine is yours:
With nearly a quarter of Brits (23%) living by the mantra “what’s mine is yours” and splitting their outgoings 50/50, and a further quarter (25%) only splitting regular bills, there are different ways you can approach combing your money. Deciding what works best for you and your partner will help you reach your relationship goals.
Jamie Smith Thompson, managing director at Portafina said: “Deciding to combine income is a big step for many couples. It requires complete transparency with your partner as well as conversations about who pays for what and how your money will be split. It’s important to have those open, honest conversations from the outset so that there is no room for any resentment to bubble away. Especially if you earn different amounts.
“Disagreements over money can make or break a relationship. And with one in six Brits (15%) fearing that their partner is hiding financial information from them, opening a joint account will help to alleviate any worries or niggles. Combining your money opens the door to doing more together, whether that’s saving for the future or enjoying more time together.
And ultimately could bring you closer together.”
2. For better for worse:
Hiding debt or experiencing money difficulties could have a long-term impact on your relationship. While opening-up could feel difficult at first, being honest about your struggles with your loved one will allow you to explore all the different options available to you as a couple, not just as an individual. Tackling the debt as a united front will help to rebuild trust, while making all money matters fully transparent again will mean finding a solution that works for everyone is achievable.
Jamie added: “Deciding how the debt will be repaid, whether you will both be contributing to debt repayments and the wider impact clearing debt will have on your outgoings are some of the more difficult conversations couples could face.
It’s important to keep the end goal of clearing the debt in mind while offering support to your partner when needed.
There are many reasons why people get into debt, and your partner may need additional support if they are experiencing difficulties. This could mean talking to the finance company they owe money to or seeking advice from a debt counsellor.
“If you have made a commitment to repaying the debt together, having your partner onboard could mean you have access to better rates. Moving money to an account with better interest rates and devising an achievable repayment plan could help to clear the debt quicker.
“A debt in your partners name won’t affect your credit score. However, any credit agreements taken in both partners names will appear on both credit scores as a financial link. So, keeping up to date with debt repayments is vital for keeping your own credit score in good health. And making on-time regular payments will help to improve both partners’ credit scores.”
3. Together forever:
Whatever stage you are in your relationship, from the honeymoon period to planning your future together, there will be plenty of instances where you will need to talk about money. And practise makes perfect.
Jamie added: “While conversations about money might feel awkward or uncomfortable at first, having more openness and communication when it comes to money matters can help to create the future you want for your relationship. And being honest and upfront from early in the relationship will set the tone for the years that follow.
“When it comes to a long-term future together, a third (33%) of Brits claimed that having the same goals is key. Whether these include buying a home together, saving for a wedding or achieving retirement bliss, it pays to have a plan.
“While it’s important to enjoy every moment together now, planning for your future from as early as possible could mean doing more of what you want when you both have more time on your hands. From keeping on top of old pensions to remaining opted in to your workplace pension. being proactive when it comes to building a pot for your future is key.”
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