Mixing love and money is always tough. But at Honeyfi, we wanted to know more about the unique financial challenges that LGBTQ couples face.
So we teamed up with the Debt Free Guys to put together the 2018 LGBTQ Love and Money Survey, where we asked 300 LGBTQ couples about working together on finances, their biggest challenges, and their top goals. The results were really interesting and might surprise you.
One of the biggest findings was that couples who dig into the details on finances tend to do better. Here are some examples:
-LGBTQ couples who regularly track and discuss a shared budget are happier in their relationship, fight less about money, and have a better sex life. More specifically, the couples who reported regularly tracking and discussing a shared budget were 81% more likely to report being “extremely happy” in their relationship, 5% less likely to report fighting about money at least once a month, and 54% more likely to report having a “great” sex life.
-10% of respondents didn’t know their partner’s credit score. Those respondents were less happy and had a worse sex life, on average, than everyone else. They were 30% less likely to report being “extremely happy” in their relationship and 15% less likely to report having a “great” sex life.
-Couples who evenly split financial duties were happier in their relationship, fight less about money, and have a better sex life. Specifically, they were 61% more likely to report being “extremely happy” in their relationship, 47% less likely to report fighting about money at least once a month, and 7% more likely to report having a “great” sex life.
There were plenty of other fascinating findings from our study. Check them out below, along with an infographic:
-LGBTQ couples talk about money quite a bit. In fact, 94% of the couples we surveyed discuss money at least once a month. 28% even talk about money every day and 71% discuss money at least once a week.
-Only 44% of couples regularly track and discuss a shared budget.
-Of the couples we surveyed, 48% combine all of their finances, 34% combine some but not all, and 18% keep things separate.
-The LGBTQ couples who combine at least some finances reported being “extremely happy” 78% of the time, compared to 44% of the couples who keep things separate. But couples who combine also fight more often — only 12% reported never fighting about money, compared to 25% of couples who keep their finances separate.
– When asked how they divvy up financial duties, 20% of the LGBTQ couples we surveyed said one partner handles everything, 32% said one partner handles most of the financial duties, 19% said one partner handles more but both are involved, 21% said that they split the financial duties evenly, and 8% said they handle finances separately.
-There’s a better way. Honeyfi is a free app to help couples simplify their finances and spend mindfully together. Honeyfi makes budgeting easy by automatically suggesting a shared budget based on your previous spending. You can edit your budget, create custom budget categories, and quickly compare your actual spending to your budgeted spending for each category. We built Honeyfi for all couples. So you’ll always have full control over how much you share with your partner.
Also published on Medium.