Money can’t buy love, but it can certainly affect it – and maybe even stop Cupid’s arrow in its tracks.
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According to a new survey by online dating site eharmony and money management app YNAB, daters take into consideration the financial situation of their potential partners and identify red, pink and green financial flags early on in life. their quest for a match.
“Overwhelmingly, [the survey found] daters measure the financial health of potential partners, and they look at things like how much debt that person has, whether they have money in savings, and whether they have a high credit score as green flags,” said Rachel Wong, an accredited. financial advisor and content manager at YNAB. “These things matter more to some than to others, but each flag can be seen as an indicator. Just as a landlord might look at a tenant’s credit score to determine reliability, daters will do the same.
Here’s a breakdown of flag types, according to Wong.
Little or no debt can represent qualities like a bright future.
Money in savings can represent a sense of security and freedom.
High credit scores can represent a sense of responsibility.
A lot of debt can be a financial burden that a partner can take on or share somewhere down the line.
Being late on loan/credit card payments can represent a lack of current stability.
Owing money to the IRS can mean thin margins and financial stress.
Spending Money on Expensive Things: This could be an indicator for someone that spending might be overspending or that there might be pressure on income to support an expensive lifestyle.
Low credit score: This may be a pink flag, as a low credit score indicates that a credit bureau has rated that person unfavorably for a future loan.
Being unable to pay for dates (ranked very high in eharmony’s general consumer data and lower in YNAB data): This could be an early and visible indicator of financial scarcity in a partner.
Little or no money in savings (more YNAB budgeters ranked this as a concern than the general consumer): Someone might interpret this as a lack of security or planning for the future.
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“Interestingly, average daters surveyed by eharmony prioritize different financial qualities than YNAB users when dating,” Wong said. “With regard to financial green flags, average daters valued a higher credit score, while YNAB users valued money in savings. Financial red flags also differed between the two groups. Average daters were more concerned about large debt than YNAB users, who were more concerned about a partner being behind on loan or credit card payments.
Navigate between red flags and green flags in a relationship
The fact that daters take into consideration the financial health of their potential partners is a good thing, because too often this is overlooked and can then land a couple in hot water (or, even worse, a rocky marriage or even a bitter divorce), but it raises questions, such as, how do you handle someone else’s financial red flags if you choose to date them?
“If you’re with a partner who has financial red flags, honesty, transparency, and trust are so important in your relationship when navigating these topics,” Wong said. “If, at some point, you share expenses, their financial situation may merge with yours. Having honest conversations about finances, goals, and priorities, and using a tool like a shared budget will provide a common language to talk about money without either partner playing the bad guy.
If you are in a green flag situation, where both partners are in good financial health, you should approach your financial life the same way.
“If you’re in a relationship with both parties showing green flags, you actually get the same solution. [as you do when there are red flags]Wong said. “Do you know your partner’s financial priorities, do they know yours? What priorities and goals do you share? Aligning your priorities early on can really boost your ability to achieve some of those things. bigger goals — like buying a house or making trips on the to-do list — together.
Ultimately, this survey shows that people looking for love are already pretty comfortable talking about money, which didn’t surprise those who conducted the survey.
“Money is stressful enough when you manage it on your own, but doing it with a partner creates an extra layer of complexity,” Wong said. “The results reinforced our hypotheses that few average daters are comfortable discussing money with a partner (28%) and nearly half (49%) of couples argue about money. green flags were also quite expected – respondents saying that having little or no debt and a high credit score are both seen as positive qualities in a potential partner, both of which could be seen as indicators of stability and potential in a partner.
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This article originally appeared on GOBankingRates.com: Can a High Credit Score Get You a Date? A new survey suggests it may