Talking Love & Money Over 50
According to the TD Bank Love & Money Survey, when looking back, the best advice Boomers would give their younger selves is not to wait to start saving or investing (61 percent). One-in-four (26 percent) would also caution there’s no rush to get married.
While hindsight is 20/20, many Boomers are navigating a changing landscape when it comes to both love and money. Recent data from the Pew Research Center found that the number of unmarried couples over 50 cohabitating has increased by 75 percent since 2007. This could be due in part to the fact that divorce rates among Boomers have doubled since the 1990’s, according to government data.
Whether it’s managing money with a lifelong partner or deciding whether to split the bill on a first date, here are a few tactics on how to navigate financial conversations from the perspective of a banking professional and a relationship expert, drawing insights from the TD Love & Money Survey.
Twenty percent of Boomers are uncomfortable talking about money
Orbuch: Many couples still don’t have a money vocabulary or the skills to talk money with their partner. Also, money symbolizes different things to people: power, control, security, or even love. It is important that Boomer couples identify what money means to them and learn a money vocabulary to become more comfortable when talking about money with their partner.
Thacker: Bringing in a third party such as a banker can help ease the tension of a financial conversation. There’s a mediator of sorts who can pose questions about goals and propose concrete solutions on how to reach them.
Seventy-two percent of Boomers don’t turn to anyone for relationship advice and 55% don’t turn to anyone for financial advice
Orbuch: All relationships, just like cars, experience wear and tear and need regular tune-ups. I encourage Boomersto seek out relationship advice from others without feeling embarrassed. Experts, articles or blogs, and family members and friends can be great resources. And, my research indicates that there isn’t one best way to manage finances as a couple.
Thacker: Just like an annual checkup with your physician, it’s important to be proactive about your financial health. Meeting with a financial advisor at least once a year is a great place to start. From there, you can establish a regular rhythm and cadence together to work towards your financial goals.
Sixty-one percent of Boomers think it’s harder to find true love than financial success
Orbuch: Finding true love is within everyone’s personal control. Setting realistic expectations, learning how to communicate and establishing common values can help people find and achieve long-lasting love. Additionally, those who are hopeful and optimistic are more likely to find love.
Thacker: Generally, people can envision what steps they should take to achieve financial success and what milestones to target, but true love can be a bit more elusive. Updating financial and investment plans on a quarterly basis can help reach financial goals.
About the Authors
Terri Orbuch (PhD) also known as The Love Doctor®, is America’s most trusted relationship expert. She is an author, speaker, therapist, professor at Oakland University, and research professor at University of Michigan, Institute for Social Research.
Jason Thacker is Head of Consumer Deposits & Payments for TD Bank. He is responsible for all retail deposits, term deposits, debit and stored value card products as well as managing the legal, regulatory, and public policy aspects of the deposits business.
Category: Articles, Baby Boomer
