Houston, we have a problem.
Or at least that’s the gist of new data released by the financial well-being app Stackin who took a look at the money habits of couples across the country. And according to their findings, Houston residents are experiencing money issues with their partners the most.
Out of the 1,255 US people surveyed who said they are in long-term, committed relationships, 38% of Houstonians said they feel pressured by their partners into spending more than they can afford. What’s more, one in four (25%) residents in Houston reported they were unable to speak to their partners about money, which turns out to be the highest of any city.
As reported by Bankrate, the Bureau of Labor Statistics Consumer Price Index survey shows that the average household in Houston makes about $86,831 a year and will spend $62,183 annually. That’s about $5,181 per month.
Additionally, the U.S. Census Bureau reported that if you only spend 30% of your take-home pay on rent, you’re likely to live comfortably in the city. For example, renting a one-bedroom apartment in Houston for $1,062, would require an annual income of about $42,480, according to The Apartment List.
Other interesting findings from the survey revealed that on average, couples have about $19,865 in savings – whilst those who were not in long-term relationships had $14,377 stored away. This is despite the fact one in three men (36%) and one in four women (26%).
Feelings of mistrust can lead to secrets,
“Financial wellness isn’t just about sticking to a budget, investing, or planning for retirement,” Stackin Co-Founder and COO Sam Garrison explained in a blog. “It’s also about managing your thoughts and emotions around money in a healthy way. Too often, we’ve been programmed to bury or avoid money talk with others out of perceived politeness and social conditioning. But in a committed relationship that secrecy or resentment can so easily turn toxic.”