David Lerner Associates: Finances, Health, and Credit Can Affect Your Love Life

A recent survey by Nerdwallet showed that 60 percent of women ranked a potential partner’s financial situation as important to them. Almost half (44 percent) feel that financial responsibility is more important than attractiveness in a romantic partner.

This applies to men too, although the numbers differ according to age groups. Money really matters to Millennials. 54 percent of these young men say a potential partner’s financial situation is more important than physical attractiveness. For men over 35 that drops to 35 percent, which is still a significant percentage.

Your credit score could influence your love life too. 46 percent of American adults said if their partner’s card were declined on a first date, they wouldn’t pursue a second. 48 percent won’t date someone with bad credit. So if you strike out on a date, give your financial health a strenuous check-up.

How to Improve Your Financial Health

• Improve your financial literacy: It pays to understand how finances work and why your money matters are in a mess. A study published by George Washington Global Financial Literacy Excellence Center (GFLEC), shows that even though they’re burdened with student loan debts and economic uncertainty, Millennials know little about personal finance. Liabilities are particularly common among those who are college-educated – an indicator that a college degree may no longer be a guarantee of a better financial future.
• Learn to budget: It may sound very old fashioned and boring, but having and sticking to a budget is one of the best ways to improve your financial health. When you are financially responsible and have money in the bank, you’re a much better romantic prospect.
• Fix your credit score: Keep the balances on your credit cards low, and pay your bills on time. Pay off your debt rather than keep adding to it.

Your financial situation may not have been a major part of your dating résumé in the past, but judging by the results of this study, it would be well worth your while to build up a solid financial future. It could be just the edge you need to find that perfect partner.

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.

Member FINRA & SIPC