Many couples lack financial honesty

Jun 27, 2011

A report says many couples lack financial honesty

A report shows nearly half of married couples discussed major financial matters such as life insurance before they tied the knot.

Rasmussen Reports surveyed nearly 2,000 married couples, finding 86 percent said they were honest with their other half while engaged but only 51 percent talked about how they would manage their money before getting married. While 71 percent agreed to manage money jointly, the percentage of couples who shared finances has dropped in the years since the financial meltdown. The report showed more Americans appeared to re-evaluate their family finances after the economic downturn.

"Finances can cause friction in a marriage. It's important to maintain open communication and be on the same page before and during marriage, especially in uncertain economic times," advised Keith Brannan, an executive at a national financial firm.

Couples should also inform their spouse of the existence of any life insurance policies. Recent reports note states are seeking ownership over unclaimed life insurance benefits, since many beneficiaries were unaware that their spouse even had a life insurance policy and therefore were unable to notify the company of their loved one's passing.

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