Money is a big thing when it comes to how well a relationship works, according to new research.
Having surveyed 2,005 adults, insurance marketplace Policygenius has revealed that one in five people in a relationship say their partner is irresponsible with money. Those people were also over ten times more likely to call it quits over money issues.
“Our new survey findings support the notion that money issues can cause relationship issues,” said Hanna Horvath, data analyst and personal finance expert at Policygenius, adding that not “talking about money can exacerbate conflict between couples.”
The survey also found that 78% keep and manage joint finance, 16% don’t know about their partner’s financial situation, 22% manage money separately from their partner and 50% don’t know their partner’s credit score.
Moreover, the researchers found that 12% had a secret credit card and 12% had bought something within the last six months that they had kept secret from their partner.
“What you don’t know about your partner’s finances can hurt you,” argued Patrick Hanzel, an advanced planning specialist at Policygenius. “No one wants to be blindsided by their partner’s bad credit score or outstanding bills. As scary as a money talk might seem, every couple should aim to have it sooner rather than later.”
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