NEW YORK, Sept. 25, 2018 /PRNewswire/ -- One in five couples keep and manage their money separately — and are more likely to break up than couples with joint finances.
A new survey from Policygenius, a leading online insurance marketplace, found 20% of people who don't mingle money with their partner plan to leave the relationship due to financial issues, compared to only 4% of couples who manage money together.
"All couples are different and should manage money in the way that works best for them," Policygenius staff reporter Hanna Horvath said. "But keeping separate financial beds is different than keeping financial secrets. A lack of transparency and communication is likely the real driver of money-caused relationship issues."
Whether they keep joint or separate finances, Policygenius found many Americans are short on details about their partner's financial health.
- About 30% don't know their partner's salary.
- Almost 38% don't know their partner's debts, assets or spending habits.
- Almost half (47%) don't know their partner's credit score.
- Around 43% don't know their partner's retirement savings.
Plus, almost 24% of all survey respondents said they don't share major accounts with their partner, including checking accounts, savings accounts, credit cards, mortgages and auto loans.
The survey delivers other valuable insights as to how couples' approach to family financial planning is evolving. Just over 2% of respondents reported having a legal separation plan or prenuptial agreement in place. Meanwhile, only 10% said they can't afford to leave their partner, whether or not they want to.
Policygenius commissioned Google Consumer Surveys to survey a nationally representative sample of 1,526 adults, age 18 and older, online from August 28 to August 31, 2018. The survey's margin of error is about 4%. You can see the full survey results here.
Policygenius is a New York City-based, online insurance marketplace helping people get the coverage they need — and feel good about it. We want people to feel informed about what they're shopping for, so we get rid of all the jargon and actually make personal finance fun. And when it's time to shop for and buy coverage for any aspect of life — from health and life insurance to pet and renters insurance — consumers feel ready. We've built the full tech stack for insurance to make it an easier experience for consumers. We've been around since 2014, and were one of the early pioneers in the insuretech space. The company was named one of Inc. Magazine's Best Workplaces 2018.
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Editorial Partnerships Manager, Policygenius Magazine