A couple who banks together, stays together. Or at least that’s the gist of a new report from USAA Federal Savings Bank that found a link between long-term healthy relationships and joint account customers.
The bank’s recent survey took a closer look at how couples talk about their finances and found a surprising 99% of couples report having open conversations about finances – and nearly 83% argue about them, per a news release shared with ESSENCE.
“Having open and direct conversations about finances with your partner is key to building a stronger financial future,” said Ryan Bailey, senior vice president at USAA Bank in a news release. “Common goals and even friendly arguments and discussions can help strengthen a relationship and how you manage your finances.”
The report found that 90% of couples discuss purchases above a certain price point and 49% discuss when to redeem credit card rewards. Interestingly, 65% of men versus 50% of women said that combining their finances made their relationship stronger and more men (42%) than women (36%) have an established budget with their partner for buying each other holiday gifts.
“It’s important to continue to have open and honest conversations with your partner as you go through life changes and stages,” said Bailey in a news release. “Adding children and other life events like military deployments and moves or Permanent Change of Station increases discussions about finances and budgeting but can also lead to an increase in arguments. Communication is key during financially volatile periods, especially during holidays.”
Income level, marital status and age also can shape the susceptibility of a couple being open about their finances. For example,
49% of those making under $50,000 have joint accounts, while 84% of those making over $100,000 have joint accounts. 75% of married couples have joint credit card accounts versus 39% for unmarried couples.