Talking About Couples Finances May Lead to Less Relationship Stress: Survey

How long do you date someone before broaching that most sensitive and divisive of topics: Finances?

According to the latest American Express Spending and Saving Tracker, half of unmarried respondents said they wait at least six months before discussing their financial situations. Among married couples, 20 percent said they waited until after they were wed, while just over a quarter (26 percent) did address the subject during their engagement.

Money ranks among life’s major stressors. Job loss, salary or benefit cutbacks, excessive spending and debt accumulation, doubly affect couples. The majority of married couples surveyed maintain joint checking (66 percent) and/or saving (51 percent) accounts, and many discuss their finances on a regular basis. More than half (56 percent) said they confer about money once a week or more with their spouse, while one-quarter address their finances once or twice a month. 

There may be a correlation between frequent communication about couples finances and a decrease in household disagreements over money. The American Express survey found a decline from 2011 in arguments over spending on children (12 percent vs. 15 percent), settling household budgets (10 percent vs. 14 percent), and making everyday purchasing decisions (7 percent vs. 9 percent). The threshold at which spouses feel they get seek permission before purchasing has increased to an average of $300, up from $245 last year.

As to who is primarily responsible for family finances, more men than women said they prepare and file their joint income taxes (74 percent vs. 52 percent), paying property/school taxes (62 percent vs. 45 percent) and making credit card payments (61 percent vs. 22 percent). But more women than men take credit for managing the household budget (70 percent vs. 54 percent).

In an investor survey conducted by Millionaire Corner in January, married men, too, were most likely to say that they were in control of the family finances, but 63.5 percent said that financial decisions were made jointly.  

Will the economy’s slow and unsteady recovery impact Valentine’s Day? Not according to American Express, which joins other consumer surveys in projecting increased spending for tomorrow’s ultimate date night. Their survey forecasts an 8 percent increase in spending over last year to an average of $196 as more than half of consumers (54 percent vs. 41 percent in 2011)  planning to purchase a Valentine’s Day gift. Forty-six percent—up from 39 percent in 2011—will be taking their Valentine out for dinner.

Sonali Chakravorti, vice president at American Express, optimistically sees more than love in the air. “We’ve seen a consistent trend of consumers saying they will spend more,” she said in a statement, “from holiday shopping to 2012 travel plans, and spending plans for February 14 are no exception.”