Money

Couples are not on the same page about emergency financial plans

Nowadays, many couples have plans for how to cope, money-wise, after a layoff or if a medical disaster strikes. Those plans could take the form of insurance, separate emergency savings funds or ideas of specific actions to take in response, like getting a side gig or asking a family member for a loan.

Yet, within relationships, many partners make assumptions about what those plans would be without discussing them.

On this season's "Love Bank" finale, we ask three couples, "Who would take on a second job if you ran into financial troubles?" Their responses are surprising.

The couples are all at different stages of their relationships. Dot and Jeffrey have been married for 37 years, Amos and Rebecca just got married, and Nora and Chris are recent college graduates who have lived together for two years.

Yet none of these couples was able to answer the question correctly. Each partner assumes their partner would be the one to pick up an extra job if necessary.

"Each partner assumes their partner would be the one to pick up an extra job."

Experts suggest that millennials especially should have a financial strategy in place, since having to take on additional work is not uncommon.

According to a survey by Career Builder, almost half of millennials already hold second jobs or multiple side gigs. 44% of workers from ages 25-34 have more than one job. Most millennials that have second jobs still make under $50,000 per year.

We asked 3 couples about their emergency financial plan and no one was on the same page

Side jobs are more common for millennials now because of flat wages as well as technological advances and the ability to work remotely. Popular examples of side jobs are becoming ride-share drivers or starting a shop on Etsy.

We also ask these couples about retirement and saving up for traveling. Would you and your partner be able to answer?

Watch all the episodes of Love Bank here.