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Money can be an emotional topic for many people. That’s why, even in the best of economic times, couples face unique challenges when it comes to financial planning.

Although most couples say they are usually in agreement about spending habits and financial goals, nearly half say they’ve had fights about money, according to the ��Ѩ��Ƶ��Everyday Wealth in America��2022 report.

Even more troubling, about 1 in 5 say unhealthy money issues are a threat to their relationship. One of the reasons many couples fight about money may be their lack of healthy communication on the topic. Our report revealed that just 37% of couples have detailed discussions surrounding their financial goals, and only 38% talk about the ins and outs of their finances.

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Other findings?

• 31% of those surveyed say that they have fewer financial disagreements now than they did when they were younger and had less money.
• Only 13% say their disagreements have increased with age.

However, even though nearly one-third of respondents say their money disagreements lessened with age, less than two-thirds of those in their 60s say they agree with their significant other about what they want their retirement to look like. And 11% say they haven’t even discussed or thought about retirement.

The good news is that there is an appetite among all couples – regardless of age – for more and better communication.

• 38% of those in a relationship say they wish they talked more about finances.
• And although we’ve seen that finances can be a source of conflict in a relationship, a whopping 83% of couples say talking about finances more can help resolve disagreements.
• In fact, those who discuss finances in detail are twice as likely as those who only discuss it in passing to report that their relationship has never been stronger.

Yet, despite their desire to talk about their finances more, many couples don’t know where to start. That’s where a planner can help, and in some cases, can even become a catalyst for change.

Wealth planner Andy Smith suggests there’s a reason couples need to talk about their finances on a regular basis.

“The worst thing you can do is bury your thoughts and concerns and avoid confrontation,” says Smith. “Something could happen where you will be forced to discuss your finances. In most cases, the situation would have been much easier to handle if you had talked about it a long time prior.”

Smith also recommends that couples focus on goals they want to achieve – in the short-, intermediate- and long-term – and how those goals fit into their overall��financial plan.

Write down your goals or print them out, then put them somewhere where they can regularly be seen. “That helps make the goal real,” says Smith.

Passions can run high when it comes to discussing finances, which is why it’s one of the first things that wealth planner Linda Campbell addresses. “I try to talk openly about the emotions surrounding money with my clients,” says Campbell. “My goal is to bring it up and address the elephant in the room in hopes of a more relaxed and open dialogue.”

In situations where partners have differences, someone acting as a mediator can be helpful, and Campbell says she is frequently asked to serve in that capacity. That can be a tricky role to play, so she helps clients avoid dredging up the past or pointing fingers, instead, keeping front and center the things they need to do so that a plan of action can be created.

“I try to help clients focus on their ultimate goals and needs,” says Campbell. “That way they feel like they are on the same team – because they are.”

Smith also recommends that couples focus on goals they want to achieve – in the short-, intermediate- and long-term – and how those goals fit into their overall��financial plan.

Write down your goals or print them out, then put them somewhere where they can regularly be seen. “That helps make the goal real,” says Smith.