According to the TD Love & Money survey, 52% of participants said they developed a new financial skill after a divorce, such as keeping track of their spending (28%), paying bills (24%), and saving for retirement. (23%) . After divorce, more than half (57%) of those surveyed say they are spending less and almost half (45%) believe they are better off financially.
The survey results also highlight the pitfalls of not discussing finances in relationships. Only 29% of divorced couples said they talked about money with their former partner on a weekly basis, while 50% of married couples said they did so weekly.
Surveys indicate that Millennials have their own way of thinking about love and money, as they are more likely to keep their finances separate. With 49% of respondents reporting that they do not have a shared account or credit card (63%), millennials are more likely than other demographics to keep their money separate from their relationships.
Survey findings suggest that Millennials are less tolerant of “red flag” financial behavior and will leave their partner if they have never volunteered (86%) to pay anything for anything, They have kept their finances a secret from others (81%), and they did not seek financial help from a financial expert (77%).
The survey also touches on people who are in relationships, with findings showing that committed couples face financial issues of their own. In the 2020 report, more than a quarter (28%) of couples kept their finances a secret from their partners, up from 8% in the previous year; 64% of people who keep secrets do not intend to tell their partner about it. According to the report, the most common secret is an undisclosed purchase (42%), followed by a secret bank account (29%).