New research suggests that new couples should disclose their salaries after eight dates, shedding light on one of the most awkward conversations daters can have. A study of 2,000 adults found that while half believe discussing income with a new partner is uncomfortable, 55 per cent consider it important to be open about finances at this stage. According to the research, revealing salaries can help build trust, deepen understanding of each other’s lifestyles, and address affordability concerns.
The survey, commissioned by Skipton and conducted during UK Savings Week in London, aimed to challenge couples to break the ice on financial conversations through their ‘Money Talks Booth’. Finance expert Tayo Oguntonade highlighted the importance of financial transparency in building trust in relationships. The study revealed that 74 per cent of respondents believe it’s crucial to be honest about their overall financial situation in a serious relationship.
However, the research also uncovered hesitations around discussing money early in relationships, with 37 per cent admitting to struggling with sharing savings information. Fear of judgement and concerns about financial inequality were cited as reasons for this reluctance. Older daters, particularly those aged between 45 and 54, were found to be more private about their finances, with 51 per cent preferring to keep their financial status confidential.
Interestingly, the study also showed that while 54 per cent considered dating someone with financial issues a red flag, 27 per cent would still be open to a relationship with ‘financial baggage’. Couples approached these potentially awkward conversations differently, with 43 per cent changing the subject, 35 per cent giving vague answers, and 18 per cent avoiding eye contact when faced with financial queries.
Alex Sitaras from Skipton Building Society emphasised the importance of open communication about finances in relationships, noting that seeking professional advice can turn a challenging conversation into a productive one. The study also listed the top 10 most awkward conversations for daters, including revealing earnings, discussing past relationships, and deciding who pays for dates.
In conclusion, the research highlights the significance of financial transparency in relationships and the impact it can have on building trust and understanding between partners. By encouraging open discussions about money early on, couples can align values, address concerns, and lay a foundation for a stable and honest connection.