Money matters can create battles

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Money may not buy love, but handling money the right way could improve a relationship. That’s one finding of a survey that looked at spending habits of couples in committed relationships.

The survey found that nearly a quarter of U.S. adults ages 25 to 55 who are in a committed relationship say honesty about finances is more important than honesty about fidelity and 72 percent say trust is essential to a successful romance.

However, nearly one-third (29 percent) of couples say they have been dishonest with their partner about spending habits.

He Said, She Said

According to the survey, sponsored by Redbook magazine and www.lawyers.com, a free online directory of 440,000 lawyers from LexisNexis Martindale-Hubbell, women are more likely to be the ones keeping money matters from their partners (33 percent of women versus 26 percent of men).

It may be easier for women to hide extra purchases or overdue bills because they’re more likely to be in charge of the household budget (41 percent of women are responsible for the household budget versus 21 percent of men).

Valuable Advice

“Couples need to establish a financial plan and have open communication about their financial situation,” said attorney Alan Kopit, www.lawyers.com’s legal editor. “Many couples find talking with an objective professional, such as an attorney or accountant, is a great way to start having honest financial discussions, which is the first step to ensuring a couple is on solid financial footing,” he said.

Kopit said one partner’s hidden spending can ultimately lead to credit problems that affect both partners. Without complete financial disclosure, it can be difficult for couples to create effective longterm financial plans.

Worth Talking About

When cash concerns cause arguments for couples, it’s usually over purchases for themselves (50 percent), the general household budget (45 percent), credit card debt (32 percent) or spending on their children, such as clothing and toys (26 percent).

“Women are earning more than ever, but our poll shows that major family money decisions still tend to fall to men,” said Alison Brower, Redbook’s executive editor. “So women are contributing in greater amounts, yet they may not have an equal voice. This can breed resentment.”

This story provided by North American Precis Syndicate.


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