Newlyweds Get An Eye-Opening Surprise - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Newlyweds Get An Eye-Opening Surprise

Newlyweds Get An Eye-Opening Surprise

Having “the talk” about finances before tying the knot might be a good idea, according to a new study by Experian, showing that while marrying for for better or worse, many newlyweds had no idea what their spouses’ financial picture looked like or that their credit score could affect their own.

Experian’s new study focused on talking with newlyweds across the U.S. about what role finances and credit have on meeting their joint goals. The study found that people need to have the talk before heading down the aisles because 40% said that they had no idea what their partners credit score was, while one in three also said that they were surprised by their spouses spending habits.

Talk, talk, talk

While couples may talk about issues before their big day, they don’t seem to be talking about money, credit or credit scores. But even so, 80% believe that credit scores are important, and for 92% so is financial responsibility.

There are other things people didn’t know about their spouses, including:
• 25% don’t know how much their spouse makes
• 31% don’t know their long term financial goals
• 31% don’t know how much they owe in student loans

What stresses them out now? For 39% credit scores are a major stressor, while 23% say making a shared budget is tough, and for 19% the answer is paying off debt.

Saving up for a home is on the post wedding to-do list, but for 32% of respondents their partners credit score is holding them back making it hard to get that coveted home loan. To make this right, some may have to ask a parent or two to cosign for the loan, and 19% have had to do so already.

Spending on the down low

How much would you spend without telling your spouse? If you said $800 you would be on par with the respondents in the study. But when you dig deeper into the numbers, you find that men on average were a little more willing to spend more without running it by their partner, with $1,259 being their sweet spot. While women will spend just $383 before fessing up to their partners.

Do you have a secret account? Well then you are not alone. In the study 16% of married people do, with more men admitting that they hid some of their accounts from their spouse.
The survey was conducted for ExpJanuary 21 and February 1, 1,000 gotten married with in the last year.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Passwords Becoming Passé
Passwords Becoming Pass

Posted: January 02, 2018

If entering a password to access your account seems like a hassle, you are not alone, according to a new study by Visa, finding that 86% of people find the idea of using biometrics to make a payment or verify their identity with a touch or... Continue reading
Millennials Will Go To Any Lengths To Score a Car Even if It Means Charging it
Millennials Will Go To Any Lengths To Score a Car Even if It Means Charging it

Posted: March 23, 2016

Owning a car is equated with being free, not to mention being convenient, so its not surprising that 19% of Millennials, falling in the 25-34 age range, are ready to do what it takes to get a sweet ride. Continue reading
How are Minority Owners Small Businesses Doing?
How are Minority Owners Small Businesses Doing?

Posted: March 28, 2016

Credit management is a challenging issue for minority small business owners, according to a new study by Experian. It looked at their overall financial health in the current economy, finding that they are slightly behind other business... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit