According to a recent report from Ameriprise Financial, finances are no longer a deal-breaker for many American couples with over three-quarters, 77%, of couples reporting they are on the “same page” with their finances. Not everything is roses, however, with 31% of respondents saying they argued about money at least once a month.
The researchers pointed to four strategies that couples can use to help improve communication about finances.
1) Discuss financial issues extensively before getting married or cohabitating
2) Agree, or at least come to a mutual understanding, of each partner’s role and responsibility to the couple’s finances.
3) Make investments and retirement goals a priority in the relationship
4) Use a joint financial advisor to tailor a plan specific to the couple’s financial reality and goals.
For more on this research into love, money and happiness, check out our article on Thursday.