Study: Majority of couples taking priority of their finances together

INDIANAPOLIS (WISH) – How good are you at talking about money with your significant other? A new study took a deeper look at that question and found nearly seven out of 10 describe communication over finances as “perfect” or “very good.”

According to a study out Tuesday morning from Ameriprise Financial, if you don’t talk about finances it can often lead to troubles in a relationship.

The study also found that although couples may have different money management styles, two thirds say they’ve developed financial harmony over time. In fact there are five money habits happy couples seem to have in common.

They make money a priority. Half of those surveyed believe that money is an important factor in their relationship and only 15 percent say it’s not important. Second, most talk about and agree on financial goals and shared responsibilities. Third, those happier couples set spending limits. Any purchases over $400 (on average) need to be discussed. Fourth, the majority have joint banking accounts. And finally, they share the responsibility for retirement planning and investment decisions.

Leigh Barrett from Greenfield says communication has worked for her.

“Just be open and you don’t spend beyond your means and finance can cause a lot of stress so just being really open and honest when you’re feeling stressed out,” said Barrett.

If you’re having trouble, experts say to discuss financial issues prior to marriage or moving in together. Come to a mutual understanding of financial roles and responsibilities. If you just can’t get along work with a financial advisor.