Most people are uncomfortable talking about money no matter their income level. However, you would think marrying someone and sharing a life together would mean sharing EVERYTHING, including finances right? Well, according to a survey 1 in 5 Americans haven’t told their partners how much they make.
Despite the efforts to increase financial transparency in the work place, some people believe that sharing how much they make will allow others to frame them in a specific socioeconomic status. Dow Scott, a human resources professor at Loyola University Chicago shared with Bankrate.com: “It’s how much you’re valued by the company, how much your job’s valued, probably what neighborhood you live in, whether your kids go to a good school or not. I mean, it just, it exposes people.”
Another interesting statistic was that men are more likely than women to discuss how much money they’re bringing home. As for us millennials, we are more likely to talk about our finances than the older generation who isn’t comfortable oversharing their lives on social media.
Personally, I do appreciate financial transparency in the work place as it helps us make better business decisions and not get stuck in the hole of comparing our success to others however, I do believe certain financial topics should be kept to yourself and only shared with your spouse such as your assets and how much money you have saved up. If you are willing to get married and sleep on the same bed as your partner every night and allow him or her into every aspect of your personal life, then it’s a no brainer if you hide from them how much you make. You need to be realistic with each other on what your finances are in order to set financial goals and boundaries for your new life together.
I do however think that you should ONLY disclose your financial situation when you are SERIOUS about your partner. AKA you are married or committed to spend the rest of your life together. It is a sensitive topic so if you like to date around, I do not think it’s a smart choice to spread your money business amongst every person you date.
If you are a couple nervous about discussing money or simply don’t know how to start, I found this article that is very helpful in guiding you through the process: Getting Financially Naked With Your Partner
What are your thoughts on this? Are you comfortable talking about how much you make with your partner? Let me know your thoughts below.
I agree! Money is a very important facet of life, and if you share everything else with a spouse, why not disclose income. Besides, it can be hard to hide income since married couples usually file taxes together. I even added my husband as a joint account holder to my accounts for continuity in case something happens to me. We also use the EveryDollar app to plan our budget, including how much we each get to spend on shopping salon etc. No questions asked as long as you’re within your budget. If we start exceeding (even if it’s a necessary category like groceries), we reevaluate and decide together why it is okay to exceed or where else we should save. Financial health is just as important as physical or mental health. Both should work together towards goals, whether it’s retirement savings, home, car, children, travel. You can’t work towards a joint goal unless you have transparency around daily dollars 🙂 I’ve read some sad stories where one spouse hides money for drugs or unnecessary items and the other struggles to even feed the kids. It sounds insane, but it is true and sad.
Thank you for sharing that Zoya! I never heard of that app but I will for sure check it out & yes I totally agree with you. Transparency is key to a healthy marriage <3