A recent study revealed that among couples, married people have the fewest number of conversations about money. Ideally, discussing finances in a relationship should be normalized as it involves shared goals, especially among married couples. In reality, money matters remain a topic that creates fear, embarrassment, and conflicts.
It's time to break the taboo of discussing finances in a relationship. Here are some of the reasons why couples should be open about money talks.
Why discussing finances in a relationship is important
It determines financial compatibility.
Some marriages are ruined due to arguments over money and finances. Compatibility is a factor in why relationships last. However, it’s not just about sharing similar interests. Couples who want to build lasting relationships should also give importance to financial compatibility as this will have a greater impact on their future.
It affects both parties.
It is important to look into the future as a married couple. Marriage is a huge step that binds two people. Along with the union, finances are also merged including assets and liabilities. Marriage is not just about love; money matters will always be a part of the equation once the knot is tied.
It helps avoid financial infidelity.
Trust is one of the major elements of any relationship and it should not be broken. Financial infidelity is one of the things that can harm a relationship. Non-disclosure of financial status could jeopardize future plans. It separates goals and leads to problems that could have been avoided if financial discussions were done early on.
It builds trust.
As mentioned earlier, trust is important in any relationship. One way to build that is by being open to financial discussions. Financial indiscretion hinders confidence and peace of mind. It builds doubt and could create a disconnection between couples.
It creates a strong connection.
Though money discussions can break relationships, they can also bring two people closer. Financial discussions between couples make way for joint and mutual decisions to be made. Couples can openly engage in discussions that involve their future. It recognizes the importance of both parties when it comes to relevant matters such as saving, spending, and investing.
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Couples should be open about discussing finances in a relationship before taking their relationship to another level. Once married, the need to be transparent regarding their financial status becomes more important. No matter what assets and liabilities are involved, it is the right of both parties to be informed. Financial goals are shared and working towards them would be easier when both are in the same direction.
Be guided on financial planning.
Two adults should receive equal respect. It is important to know where the money talk starts and where it ends. As money matters are critical in any relationship, financial planning is a must. With the new Sun Life financial organizer it will be easier to do it.
Sun Life can help couples reassess their financial plans and make their life goals achievable. Find a partner that can build a better future by improving your life, health, and wealth.