Beyond Finance, one of the nation’s largest and most influential debt consolidation services and financial technology organizations, has released a study about financial issues and “stress-proofing” marriages.
The national survey polled 500 married couples of various ages, backgrounds and financial statuses on five critical issues related to personal finances. Among the statistics on economic matters in a marriage, the survey showed that only 43% of U.S. couples don’t have to “work to resist” blaming each other for what’s wrong with their bank account and cash flow.
Other findings in the national survey include these numbers for married couples:
- 28% don’t believe communication basics help them through economic struggles
- 60% of married couples can agree on a budget and stick to it
- 48% aren’t “happy” or “satisfied” with one bank account
- 43% of marriages “can handle it” when they disagree on financial decisions
- 28% of those couples “rarely agree” on significant expenses (e.g., car, home)
Beyond Finance partnered with nationally regarded psychoanalyst Dr. Galen Buckwalter, founder of psyML, to commission the survey and interpret the findings. His notes reflect discoveries from married couples, both with and without financial challenges. The personal financial services company began working with Buckwalter due to his pioneering research on “Acute financial stress.”
“Debt and income are not as important to marital satisfaction as how the couple deals with finances,” said Dr. Buckwalter, who also developed the eHarmony.com proprietary matching system. “Some people who don’t experience the stressors of debt still experience marital strife if they can’t properly communicate about their finances. It’s vital to understand where they stand together on economic issues.”
Dr. Buckwalter believes the five areas couples can work to de-stress their marriages with financial woes are:
- Understanding what’s to blame for financial stress instead of whom is key
- Pooling resources can help unite a marriage and expenses
- Being open about earnings and savings could strike a balance in a marriage
- Realizing each other’s emotional and financial styles of communication
- Agreeing on crucial financial purchases can create peace in the home
Another team member at Beyond Finance is Nathan Astle, a certified financial therapist and founder of the Financial Therapy Clinical Institute. Astle works with clients to help them understand their emotional connection to their relationship with money which is core to how he helps clients in their debt journey.
“Marriages are going to experience stress in many ways, which is why communication is core to success,” said Astle. “When couples can be honest about how they feel, think, and behave around money and communicate that experience safely, many stressors and triggers don’t have the same power to damage relationships. In my experience, money issues are so often an inside job.”
For more information about Beyond Finance, Dr. Buckwalter’s “Stress-Proofing Your Marriage” study, or its work with client financial therapy, visit www.beyondfinance.com.
