Aligning with your significant other about your financial goals is not easy. First, you’ve got to agree on your biggest goals. Should you save for an epic vacation? A new house? A baby? Then, you’ve got to figure out how to accomplish them.
We wanted to learn more about how couples save for their biggest financial goals together and how that impacts their relationship. So we surveyed 500 Millennial couples — either married, engaged, in a civil union, in a domestic partnership, or dating and living together. Today, we’re excited to share the results in our 2019 Love and Savings Survey. They are intriguing.
We found that the majority of couples (60%) feel stressed about achieving their financial goals with their significant other. In fact, 71% of the people we surveyed feel stressed, overwhelmed, nervous, frustrated, and/or confused about saving for financial goals with their significant other.
Also, most couples (72.3%) do not have specific financial goals that they’re consistently saving for. But when couples align on their financial goals, they are happier, fight less, and have a better sex life. More specifically, the couples who reported being “very aligned” on finances were twice as likely to report being extremely happy in their relationship, 59% less likely to fight about money at least once a month, and 60% more likely to report having a great sex life.
Here are more insights from our survey, along with an infographic below:
Top resources that couples use to save for their goals:
- Pen and paper (37%)
- Nothing (30%)
- A spreadsheet (24%)
- An app or website (17%)
- A financial planner (14%)
- Family or friends (13%)
Top things people are saving for:
- New home (52%)
- Vacation (42%)
- Emergency fund (38%)
- New car (37%)
- Home renovations (23%)
- Baby (21%)
- Wedding (17%)
- College tuition for kids (15%)
Couples who have specific goals and consistently save for them are happier, fight less, and feel more secure.
- Couples who have specific goals and consistently save for them are 50% more likely to report being extremely happy in their relationship.
- Couples who have specific goals and consistently save for them are 48% less likely to report feeling very stressed about finances.
- Couples who have specific goals and consistently save for them are 3.5x more likely to report that they feel very financially secure.
- Couples who have specific goals and consistently save for them are 62% more likely to report having a great sex life.
Couples who regularly talk about their financial goals helps couples are happier and have a better sex life.
- Couples who talk about goals at least once a month are 72% more likely to report being extremely happy in their relationship.
- Couples who talk about goals at least once a month are 57% more likely to report having great sex.
To start saving for your biggest life goals with your significant other, check out Honeyfi in the App Store and the Google Play Store.