With love, it is sometimes complicated. Especially when a few sweet-loving months turn into a real partnership and you immediately have to take care of similarly complicated things, such as love money. Because then it starts already: which money is whose money? What money for what? And how much money does who have? Is my money my money, or is it our money? And why are we even talking about money now? Do I want my own money? Do I need your money?
When money meets love, it often gets doubly complicated. One in ten Germans has therefore already separated from their partner. So does love in this country stop when it comes to money?
A new, representative study of the investment platform WeltSparen and the opinion research institute YouGov, in the context of which more than 2000 Germans were interviewed on the topic, says: Yes.
In times of crisis, money can become a mushroom of division
Most of the relations in Germany apparently live in financial harmony. For 40 percent, money issues are not an issue at all. Another twelve percent even see it as taboo. This, however, does not mean that, if it were necessarily the subject, it could not be quickly over with love. Especially in times of crisis, vulnerability increases. According to the study, the corona pandemic affects the financial coexistence of German couples. Just under half (48 percent) of the people awarded do not feel any impact of corona on their finances, it is said.
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90 percent of Germans want to agree on finances
A joint financial planning or at least the early clarification of financially obvious questions could prevent later quarrels in any case. After all, according to the study, 90 percent of Germans want agreement on financial issues in the partnership. At the same time, 83 per cent believe that openness and equality in finance ensure happy relationships, and 85 per cent believe that transparency on this issue is particularly important in a partnership. For the majority, it is also a central aspect that partners stand up for each other in matters of money. Around three quarters believe that joint financial planning is needed for a long partnership. Half of the couples would like to save with the partner on common goals and one in three would like to secure the partner financially. Another third would like to save or provide for children.
But how does desire and want a consensus that works in reality? As far as everyday living together is concerned, almost every second German relies on the so-called 3-account model with a common household account and two separate salary accounts. “The 3-account model offers independence and plenty of room for manoeuvre,” says global savings finance expert Katharina Lüth. “Couples can decide for themselves whether the cost of living, for example, is divided 50:50 or percentage by income.”
Larger expenses should be discussed
According to the study, 28 percent even want to manage all money via an account, while 23 percent argue for clearly separated accounts. A large majority also wants to be financially independent in the relationship (82 percent).
It is apparently also agreed in this country that larger issues should be discussed among themselves. 72 Percent of the study participants found this important. It is quite astonishing that 76 percent trust their partner in financial decisions, but at the same time around a third have already felt financially disadvantaged by this. “Financial issues therefore belong on the table and should be discussed and decided openly together. Joint financial decisions and savings targets can even be combined – this is also shown by the high rate of 78 percent of jointly saving couples,“ says expert Lüth.
With these 5 tips it could work
Based on the results of the study, the platform Weltsparen will end up with five central tips for couples who like to have it uncomplicated.
Clarity
In order to start a relationship with the same ideas, it helps to openly exchange financial wishes, expectations and goals already in the introductory phase. This way, conflicts can be avoided from the very beginning. The rule here is: the sooner, the better.
honesty
For many people, the financial Situation of the partner is quite important. If debts – whether student debt or a home loan – exist, they should not be concealed and addressed transparently. This openness avoids nasty surprises when confronted.
Promote
A great proof of Love, and, unfortunately, still totally underestimated, the mutual Promote financial independence. After all, there are big set-pieces for this, such as the career step with higher income, reserves for old age or a better handling of money. In the end, the relationship benefits.
Stability
Especially when a flirtation becomes a long-term partnership, it helps to build a solid financial foundation together. An emergency penny of around three months ‘ salary is advisable in order to be covered in the event of a case. Here it can help to write down revenue and running costs to find out where you stand. Only then should precaution and investments be addressed.
Growing
Saving for common goals can be something quite romantic – be it your first big holiday at a young age or later your trip around the world. Thus, couples share a project that connects and provides joy when reaching.
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