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Need another reason to get your finances in order? Do it for love.
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For more information contact:
Kelly Rote (713) 394-3201 |
Release Date: February 13, 2006 |
A couple’s wedding vows may include the phrase “for richer or for poorer,” yet many individuals still place a high value on financial security. In fact, more than 40 percent respondents to Money Management International’s (MMI) 2006 Love and Money Survey (both married and single) consider a “low debt level” an important trait that has an impact on a relationship. In addition, 37 percent of survey respondents highly value a good credit history and 28 percent highly value adequate savings.
While money issues clearly have far-reaching implications, many consumers continue to live on the brink of financial disaster. According to the Federal Reserve, consumer debt has recently reached staggering levels, hitting 2.16 trillion in the final month of 2005. Further, the nation’s personal savings rate is now less than 1 percent. It’s no wonder that money is the most common source of disagreement for couples, regardless of age or life stage.
Fortunately, the trend also works in reverse. In fact, Olson’s 2003 National Survey on Marital Strengths found that happy couples agree on how to handle money significantly more than do unhappy couples. They also have fewer concerns about debt and the proper amount to save.
Because money matters, the experts at MMI recommend that consumers devote more time to improving their financial position. It is an unfortunate fact that financial problems can damage personal relationships. For both new couples and long-standing marriages, financial communication and being financially responsible are crucial.
For those looking for love, these survey results are a clear call to action: Getting finances in order now will not only make you a more attractive prospect, but will help build a healthy relationship once you find a partner.
For those already in relationships, there are additional steps to take: Start by having a frank and open dialogue to discuss where you stand today. Next, make a joint commitment to better your family’s and your own overall financial position by paying down debt and establishing a savings cushion. Finally, set up a time to meet each month to discuss your financial goals and expectations.
“Being honest with yourself and loved ones about your financial past and future is an early key to success,” said Cate Williams, vice president of financial literacy with Money Management International. “Remember that everyone has their own money style, which has been shaped by their past experiences. Approaching the issues honestly and openly gives you a much better chance at a strong, healthy financial relationship."
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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