Love & Money

Engaged, Newlywed Couples Aren't Communicating About Money as Much as They Should

Integrated campaign explores behaviors around love and money and offers practical resources and tools for couples to start planning their life together

A new survey from Nothwestern Mutual and The Knot reveal emerging attitudes about money, financial security.

MILWAUKEE, July 16, 2019 /PRNewswire/ — Northwestern Mutual, a leading financial services company, today released survey results in partnership with The Knot, the nation’s leading wedding planning and registry app, revealing engaged and newlywed couples are not openly talking about money – only 37 percent are talking about their finances on a monthly basis. While being on the same page financially is critical to a happy, long-lasting marriage, nearly 3 in 4 (72%) of those surveyed do not have a clear plan when it comes to saving for their passions, which can make the difference between domestic bliss and domestic discord.

This wedding season, Northwestern Mutual is launching a new campaign, Moneymates, to help engaged couples and newlyweds understand how a customized financial plan can help them do the things they love, with the one they love, now and down the road.

“Money is one of the greatest sources of tension and stress in a marriage, but financial planning is often not on the radar,” said Lee Hurley, vice president of marketing at Northwestern Mutual. “Together, with The Knot, we’re showing couples how planning with Northwestern Mutual helps couples balance their current and future priorities by helping them make the right decisions for their wedding and beyond.”

Northwestern Mutual and The Knot Survey Findings

  • Financial stability is the greatest long-term worry (40%) amongst survey respondents — even more than raising children (30%) and maintaining intimacy in their relationship (24%)
  • 82% of respondents feel closer to their partners when they are in agreement about money, yet only half (52%) are talking about their finances weekly with their partner
  • Nearly one in four (22%) respondents have disagreements with their partner each month about budgets
  • Only 13% of engaged and married couples have actually met with a financial planner
  • 40% report feeling anxious when thinking about financial planning as a couple
  • 80% of those surveyed reported having pre-existing or combined debt
  • Engaged and married respondents list paying down student debt, buying a first home, and establishing emergency savings as the top three priorities in their financial planning process

The Moneymates Campaign

The collaboration between Northwestern Mutual and The Knot introduces custom content from experts in the financial and wedding industries aimed at educating couples on how financial planning is key to a successful life together. Northwestern Mutual clients and clients-to-be will have free access to first-of-its kind content, tools and resources on Lasting, the leading marriage counseling app affiliated with The Knot.

Northwestern Mutual is also collaborating with influencers like JoJo Fletcher, American television personality best known for her role as the lead on the 12th season of ABC’s The Bachelorette, who are experiencing this important life moment firsthand. JoJo and her fiancé, Jordan Rogers, are currently going through their own wedding journey and recognize the importance of starting their marriage on the same financial footing.

Money can be an uncomfortable topic for couples to talk about freely and honestly

“Money can be an uncomfortable topic for couples to talk about freely and honestly,” Fletcher says. “We didn’t know what to expect, but when Jordan and I met with a Northwestern Mutual advisor, it empowered us to talk about what is most important now and the future, which is so important for a happy marriage.”

Content will begin rolling out today and continue throughout July. For more information, please visit northwesternmutual.com/weddings/. To download Lasting, visit GetLasting.com or download via iOS or Android to learn more.

About the Moneymates Survey
The Moneymates survey was conducted through The Knot database. Consumers were randomly selected to receive The Knot-branded electronic invitation to participate in the 7-10-minute survey. All data was collected using standard online research methods between June 7 and June 12, 2019. Full methodology is available.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for more than 160 years. Through a distinctive, personalized planning approach, Northwestern Mutual combines the expertise of its financial advisors with a digital experience to help its clients navigate their financial lives every day. With $272.2 billion in assets, $28.5 billion in revenues, and $1.8 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.5 million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages $128 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 111 on the 2019 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2019.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
About The Knot
The Knot is the nation’s leading multiplatform wedding resource offering a seamless, all-in-one planning experience—from finding inspiration and local vendors to creating and managing all guest experiences, wedding registries, and more. The trusted brand reaches a majority of engaged couples in the U.S. through the number one wedding-planning website, TheKnot.com, and the number one iOS and Android mobile app, The Knot Wedding Planner; The Knot national and local wedding magazines; and The Knot’s book series. Since its inception, The Knot has inspired approximately 25 million couples to plan a wedding that’s uniquely them. Visit The Knot online at TheKnot.com and follow on social media: Facebook.com/TheKnot and @TheKnot on Twitter, Pinterest, and Instagram.
SOURCE Northwestern Mutual