A new survey released today by Chase Card Services, a division of JPMorgan Chase & Co., found that when it comes to talking finances with your significant other, most Americans believe the sooner, the better. The Chase Blueprint Valentine’s Day Survey found that nearly one-third (30 percent) of consumers think finances should be discussed from day one – with men more likely than women to think day one is the best time (37 percent to 24 percent). Overall, two-thirds (65 percent) of consumers think it is best to discuss finances with your significant other within the first three months of the relationship. So, why not make Valentine’s Day the day for the money talk? Valentine’s Day is the day people focus on romance and make commitments to one another, making it the perfect time to focus on one of the most important elements of a happy relationship: financial compatibility. “Finances are one of the biggest reasons relationships fail,” says Dr. Michelle Callahan, psychologist and relationship expert who partnered with Chase Blueprint® on the survey. “Being able to speak openly and honestly about finances will only make a relationship stronger and what better day to take that next step than on Valentine’s Day?” How to deal with a financial deal-breaker on Valentine’s Day Coming out of the Great Recession, financial security is a more desirable trait in a partner. For those concerned that financial standing may be a deal breaker in their relationship, the Chase Blueprint Valentine’s Day Survey brings good news for most people in a relationship: it’s not. Respondents were asked what they would do if they found out on Valentine’s Day that their partner had a significant amount of debt – $10,000 or more. Nearly three quarters (74 percent) of Americans would sit down and talk with their significant other about it, rather than helping them pay down debt or breaking up with them.
Twenty-one percent of married Americans said they would help pay down their significant other’s debt.
Only 6 percent of Americans would break up with their significant other or think about breaking up with them.
Women are more likely than men (78 percent versus 70 percent) to sit down and talk about debt. Men (18 percent) – particularly those in a relationship – are more likely than women (8 percent) to help their significant other pay down debt with their own money.
Steve Ricchiuto, MZUHO Securities chief economist, and Bob Michele asset management global CIO with JP Morgan (JPM), joined BloomberTV's 'Bloomberg GO' to discuss the economy and the Fed raising rates.