As couples celebrate Valentine’s Day, new data suggests many are not fully transparent about their finances.
According to a recent survey from Bankrate, 45% of people in committed relationships say they do not know everything about their partner’s financial situation. More than one-third of respondents said financial infidelity is as serious as physical cheating.
Financial experts say avoiding money conversations can create long-term stress and misunderstandings. But they say there are practical steps couples can take to improve communication and build trust.
Set a time and place to talk about money
Experts recommend planning ahead instead of raising financial concerns in the heat of the moment.
Setting aside a specific time and choosing a neutral setting can help reduce tension. Establish ground rules beforehand, including no judgment and a focus on open dialogue. The goal is to share information, not assign blame.
Create or update a household balance sheet
Experts also recommend building or refreshing a shared financial snapshot. That includes reviewing:
- Assets, including savings, retirement accounts and property
- Debts, including credit cards, loans and mortgages
- Monthly spending and recurring expenses
Having a clear understanding of assets, debts and spending habits can help couples identify shared goals and areas for improvement.
Consider professional guidance
If money conversations routinely lead to conflict, experts suggest bringing in a neutral third party, such as a certified financial planner or a certified public accountant.
A financial professional can help couples establish shared goals, divide responsibilities and create realistic plans for saving, investing and paying down debt.
Experts say it is acceptable to divide financial duties — for example, one partner managing day-to-day bills while the other monitors investments. However, both partners should understand the full financial picture.
Use tax season as an annual financial check-in
With tax filing season underway, financial analysts say this can serve as a built-in yearly opportunity to review progress.
Couples can evaluate income, expenses, savings and long-term plans, and adjust goals as needed.
Financial transparency may not be the most romantic Valentine’s Day topic, but experts say honest conversations about money can strengthen relationships over time.