Study finds only Half of Engaged Couples in know of each other’s Finances

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NATIONAL – COUNTRY Financial announces in a recent study, they would that only 54 percent of those who are engaged are in the know about their partner’s debt.

Additionally, two-thirds of Americans who are just dating or single say they were unwilling to date or marry someone who has significant debt.

With tens of thousands of Americans getting engaged over the Christmas and New Year’s holidays, and according to a recent Facebook study even more doing so on Valentine’s Day, COUNTRY Financial is encouraging couples to talk about finances before tying the knot.

COUNTRY Financial Manager of Financial Security Field Support, Joe Buhrmann says not having these talks and making a financial plan is the “single biggest mistake” a couple can make.

“Once couples start getting serious, they should learn as much as they can about their combined financial situation. If they need more help, they should reach out to a financial advisor who can get them on the right track,” Buhrmann explains.

Company officials say developing a plan early on can help prevent future martial problems and conflicts. Financial plans help couples identify where they stand moneywise and can also point them in the direction of the types of coverage they will need and can afford.

Buhrmann says, by far, insurance is the most overlooked part of pre-marriage planning.

“The foundation of any solid plan is insurance because it protects the assets you accumulate – your home, vehicles, savings – and your income through disability and life insurance,” Buhrmann adds.

COUNTY Financial says couples should develop a plan covering these basics:

  • Spending: How much money will you make combined? Will you rent or buy and how much can you afford to spend monthly on housing? What about food, clothing and utilities? After that, determine how much discretionary spending you each can do.
  • Insurance: Consider what coverage you will need and how much you might pay in insurance premiums.
  • Debt: Ask yourselves how much combined debt you will have. You’re marrying the love of your life, which also includes their outstanding debt and credit score.
  • Saving: How much money will you save and how frequently will you save it? What items will you save for? (i.e. a down payment towards a major purchase, vacation, your first child, etc.)
  • Retirement: Determine how much money would you need to accumulate to live comfortably in your golden years. Will you need to work? What might you get in Social Security benefits?

More coverage resources for couples planning to marry can be found here.

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