Understanding whether the person is a saver or spender, whether they budget and how they approach financial honesty are all good steps in determining whether your new love will make a good long-term financial fit, experts say.
People are still old-fashioned about certain financial arrangements. Despite changes in how women approach work and earn money, there are still some old-fashioned traditions that have stuck around.
One that continues to remain: Men paying the bill on the first date, as 84 percent of men surveyed by TD Bank claim to do. Their female dates back up that claim, with just 6 percent reporting that they pick up the bill on the first date.
Even couples in committed relationships tend to defer to the male mate when the bill arrives, with 63 percent of men saying they pay for date nights while just 8 percent of women say they do the same.
The same goes for wedding expenses. Old-fashioned rules remain. Respondents still think the bride’s parents should have a role in paying for the wedding, with 14 percent saying the parents of the bride are responsible. Just 1 percent thought the parents of the groom should have a role in paying for the wedding. On a more modern note, 33 percent said the couple marrying should pay, and 51 percent said costs should be shared among the couple and their families.
Also keeping with tradition, women respondents were more likely to say they make everyday shopping decisions, while men were more likely to report taking the lead on large-scale purchases.
Divorce doesn’t have to be a financial disaster. Ending a marriage can be financially and emotionally stressful, but some divorcees approached it positively. In fact, more than 40 percent said they were better off financially after divorce. This was reported equally across gender.
“Initially, [divorce] can be frightening,” Sweeney says. But it’s a chance for new singletons to review budgets, savings, retirement and other financial goals. It might be a chance for someone who was married to a spender to return to previous frugal habits. At her firm, Sweeney says, “we make [divorcees] set up a whole budget.” For some newly single people, this exercise helps them take back control of their money situation and regain confidence.