Marriage can get tricky when a spender marries a saverr. Financial intimacy is everything in a relationship, and often the glue that bonds a couple together.
The way a person handles their finances can be a point of contention for many couples, but according to a new study by Ameriprise Financial, it’s okay to keep small financial secrets from your spouse. Say what now?
Ameriprise Financial surveyed 1,500 couples and revealed that 70 percent of the couples said they spend money without telling their partners. Meanwhile, 59 percent of the couples surveyed said they didn’t tell their partner about a purchase because it wasn’t very big.
So what’s consider a modest purchase to today’s modern couple?
The study showed that couples feel it’s alright to spend an average of $400 without talking to their partner first.
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The survey also showed that a couple’s age determines how lenient they are with the amount of money that is secretly spent. Millennials aren’t as forgiving as boomers. Millennial couples will only allow $100 compared to boomers who are fine with not knowing that $500 was spent with their knowledge.
Financial secrets aren’t ones you want to keep from your spouse, but if you both want to be on the same page when it comes to your finances, it’s important to communicate.
“The more different spouses are in this dimension, the more they fight about money—and the more they wish they had married someone else, ” Scott Rick, associate professor of marketing at the University of Michigan’s Ross School of Business told Bloomberg.
Do you consult with your mate before making a purchase, big or small?