Married couples may have a lot to discuss regarding their financial situations, and a lack of budgeting and spending discipline may increase tensions among these people.
Approximately 51 percent of married Americans explained that their credit scores are similar to their partner’s, according to a poll from Credit.com. Just 26 percent of those who are divorced said the same.
More than four-fifths of those who were married and had similar ratings to their partner were happy with their personal finance situation, the report noted. When splitting that number up, close to 52 percent said a high level of satisfaction, while 29 percent explained they were relatively happy with the state of affairs.
When examining divorced couples, the numbers were relatively even on financial performance. The report showed that 31 percent of those who went through a divorce ended up having a credit rating that worsened. However, 30 percent said that their rating improved markedly.
Some divorced individuals had a higher level of debt once they finalized their split. The report showed that these people who had balances on their credit card saw an average rise from 53 percent before they got married to 70 percent when they finalized their divorce. Mortgage debt levels rose to 54 percent post-divorce, from the initial 32 percent.
Confidence improves this year
Even with some people dealing with financial strife, there has been an increase in people who are trying to make their situation better.
More than 40 percent of Americans think that 2014 will be better for their financial situation than 2013, according to a report from Country Financial. Nearly half of those polled think they will have a higher income this year, while 14 percent felt their debt would subside.
“It’s great to see more Americans are optimistic about their 2014 financial situation. Creating a financial plan – or reviewing your existing one – will help ensure that confidence remains throughout the year,” said Joe Buhrmann, manager of financial security support at Country Financial. “While there are outside factors affecting financial security you can’t control, focus on those you can control when laying out your short-term and long-term financial goals.”
Just 25 percent noted that 2014 will be worse for their financial situation, the report added. This was due mainly to issues that were out of their control of personal finances.