Half of those couples that discuss their finances regularly feel better prepared and organized. Banks and credit unions have an opportunity to step in and help.
A recent Google Consumer Survey of married Americans commissioned by TransUnion found that nearly one out of five (18.8%) couples surveyed said they did not talk about their financial situation until after marriage. Even more concerning, almost the same percentage (14.4%) of couples said they never discuss personal finances.
According to the survey, discussing their finances together was beneficial. Nearly half of all Americans surveyed (45.1%) said they felt prepared or organized after sharing their financial situation with their partner. An additional 19.3% said the open communication made them feel relieved or reassured.
Opportunity for Financial Marketers: If there was ever a time where consumers need financial help and advice, it’s when they get married. And yet money is such a contentious issue for so many couples that they’d just prefer to not talk about it at all. This is where banks and credit unions can step in, acting as neutral, wise intermediaries. Should couples get separate checking accounts? And have a third joint one for household expenses? Can they afford to buy a house? What kind of investments do they need to get started? They have a million questions, and will happily turn to their trusted bank or credit union… if only such a tailored program was offered.