Northwestern Mutual has released survey results in partnership with The Knot revealing that engaged and newlywed couples are not openly talking about money – only 37 percent are talking about their finances on a monthly basis.
In a statement, Northwestern Mutual said that although being on the same page financially is critical to a happy, long-lasting marriage, nearly three in four (72 percent) of those surveyed said that they do not have a clear plan when it comes to saving for their passions, which can make the difference between domestic bliss and domestic discord.
“Money is one of the greatest sources of tension and stress in a marriage, but financial planning is often not on the radar,” said Lee Hurley, vice president of marketing at Northwestern Mutual. “Together, with The Knot, we're showing couples how planning with Northwestern Mutual helps couples balance their current and future priorities by helping them make the right decisions for their wedding and beyond.”
Northwestern Mutual said that the survey found:
- Financial stability is the greatest long-term worry (40 percent) among survey respondents – even more than raising children (30 percent) and maintaining intimacy in their relationship (24 percent);
- 82 percent of respondents said that they feel closer to their partners when they are in agreement about money, yet only half (52 percent) are talking about their finances weekly with their partner;
- Nearly one in four (22 percent) respondents said that they have disagreements with their partner each month about budgets;
- Only 13 percent of engaged and married couples said that they actually have met with a financial planner;
- 40 percent said that they feel anxious when thinking about financial planning as a couple;
- 80 percent of those surveyed reported having pre-existing or combined debt; and
- Engaged and married respondents listed paying down student debt, buying a first home, and establishing emergency savings as the top three priorities in their financial planning process.
Learn more: Northwestern Mutual; TheKnot.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].