Money and relationships are two powerful forces that can either strengthen the bond between partners, friends and family, or create tension and conflict. Here are four key money challenges you might face and how you can overcome them:
Two in five Brits claim to have suffered economic or financial abuseIf a person such as your partner, family member or carer is controlling your financial decisions or actions, then this is financial abuse. To overcome financial abuse in relationships, it's crucial for victims to seek support from trusted friends, family, or professionals. Establishing financial independence, such as opening separate bank accounts, can be a step towards reclaiming control. Open communication with a partner or seeking counselling can help address the underlying power dynamics, fostering a healthier financial relationship.
You can get confidential advice and guidance from the Financial Support Line for Victims of Domestic Abuse by calling their freephone number 0808 1968845 between 9am–5pm Monday to Friday.
17% of Brits say their partners have lied about debt
Financial infidelity occurs when couples with combined finances lie to each other about money or conceal money related issues. Resolving financial infidelity involves rebuilding trust through open and honest communication. Both partners should be willing to disclose their financial histories - establishing this transparency, setting shared financial goals and creating a joint budget can help prevent future instances of financial infidelity and strengthen the foundation of trust in a relationship.
Sometimes money infidelity is actually a symptom of deeper seated relationship problems. In this case seeking relationship counselling might be the best first step. Relate is the largest provider of this type of service and they can deliver virtually or in person.
20% of Brits say they argue with their partner once a month about finances
Conflicts about money and finances can be destructive for both the quality and longevity of a relationship. Addressing financial conflicts requires compromise and couples should engage in honest discussions about their financial values, priorities, and goals. Establishing a budget that reflects both partners' needs and aspirations should be a collaborative effort.
Our Smart Spending System could be a useful way of having a constructive conversation with your partner.
To achieve financial alignment in relationships, couples need to have open and constructive conversations about their individual financial values and priorities.
Research suggests that opposites attract and in relation to money this means one partner is likely to be more of a spender and the other more of a saver.
Establishing a joint budget, which also allows each party some ‘fun’ money, can help lay the foundations for financial success. Regular check-ins and adjustments to your spending plan can help ensure that you and your partner remain on the same page and promote a sense of unity.
Remember, it's not just about the pounds and pennies; it's about building a future together based on trust, transparency, and shared aspirations.
Watch our latest webinar: Money and relationships: How to avoid financial harm with Salary Finance’s Head of Financial Education, Jason Butler and special guest speaker, Financial Coach & Certified Financial Abuse Specialist Catherine Morgan. The recorded session covers:
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