Moving in together is a huge commitment, with financial matters being one of the top reasons for tension in relationships. From conversations about affordability to disagreements over household chores and social lives, open communication can be the key to a smooth transition. So, Hodge has developed the ‘financial compatibility test to better prepare couples for living together.
We’ve moved away from traditional household roles, where one partner may have been the sole breadwinner. In modern society, couples need to be prepared to fairly split responsibilities for rent, mortgage payments and bills.
With more than a quarter (26%)1 of couples arguing about money once a week, causing tension in their relationships.
The Financial Compatibility Test is made up of 10 questions designed to spark enlightening discussions and establish foundations for financial transparency.
Here are the 10 questions you should answer together:
- What are your long-term financial goals?
- How do you currently approach budgeting and expenditure?
- Do you have outstanding debts or financial obligations?
- What are your perspectives on joint accounts?
- How do you envision dividing household expenses?
- What are your attitudes towards saving money?
- Have you had any financial challenges in the past?
- How would you manage unexpected expenses or emergencies?
- What do you think about keeping your financial independence while in the relationship?
- Are there any financial deal-breakers or non-negotiables for you?
Christie Cook, managing director of retail at Hodge said: “As couples embark on the exciting journey of cohabitation, it’s important to acknowledge the financial commitment that comes with this.
“We encourage you to use the ‘Financial Compatibility Test,’ to help you and your partner take responsibility over finances. Having this conversation can help to empower couples to engage in meaningful conversations about money and lay the foundations for a strong financial partnership.”