It’s at least one thing men and women seem to agree on.
Divorce is nasty, what with the heartbreak, the mediations, the fracturing of lives. Despite that, close to half of Americans who’ve gone through it say they found themselves on stronger financial footing afterward.
TD Bank polled 1,700 Americans about their financial stressors and found some correlations between relationships — past and present — and money. While we’d probably rather not think about our bank accounts when considering divorce, the results of the survey tell us there’s at least some sunshine behind the clouds:
- 42 percent of divorcees said their financial well-being “improved.”
- And that’s “split evenly among men and women (42 percent and 43 percent).”
TD Bank calls this a “silver lining” to the survey’s other conclusions.
Couples regularly argue about money
Whether they’re divorced or not, many people say fighting over money is a regular struggle, which shows the “correlation between financial communication and relationship prosperity,” TD Bank reports.
- A third of married couples argue about money once a month.
- Forty-four percent of divorced couples say they “had money-related arguments monthly while married.”
It gets more dismal when you consider that Swiss bank UBS found “fifty-six percent of women leave financial decision-making to their husbands” earlier this summer. As Debt.com reported, “eighty-five percent say they believe their husband knows more about finances and therefore should make all major financial decisions.”
That’s not a wise financial move. For women, trusting men with their money is a serious gamble considering men are twice as likely as women to “embrace” financial risk.
The couples whom TD Bank surveyed at least said they’re talking more about money overall with their partners, and “increasingly share financial assets and responsibilities.”
- 55 percent combine their money somehow, which is slightly up from last year.
- 70 percent “share decisions around large-scale purchases.”
- And 61 percent of women say they’re the “primary decision-makers for everyday purchases.”
Older women agree it’s best to get involved. “Nearly all (98 percent) widows and divorcees say women should be more active in making financial decisions,” UBS reports.
While that wisdom apparently comes with age, youth swings around with a significant counterpunch.
Millennials believe in having money conversations
Most people in “committed relationships” say they talk about money at least once a week (60 percent). And millennial couples agree with being open about their finances.
- 97 percent of millennials say “they discuss finances at least once a month.”
- That’s “compared with 88 percent of couples across age groups.”
Data from a similar TD Bank survey last summer backs up that younger couples talk about finances frequently. It found that 90 percent of happy couples discuss their finances at least monthly.
Fighting about money can be mentally draining. One reason why TD Bank executive Jason Thacker says “a conversation about money early on is important.”
“Every relationship is different – different goals, challenges, and steps needed to take in order to get where you want to be,” Thacker says. “That’s why being open, honest and understanding each other’s priorities when it comes to money is crucial to your overall financial health and success as a couple.”
Most people don’t talk about money with experts
Talking to your partner about money may be difficult. One way to move the conversation forward is with the help of a professional.
A financial advisor can at least urge a couple to talk about their finances. Yet, most couples don’t seek professional advice. Fifty-five percent have never met with a financial advisor. And of those who do, less than a third see one annually.
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Article last modified on October 4, 2018 Published by Debt.com, LLC . Mobile users may also access the AMP Version: Divorcees Say Finances Improved After Split - AMP.