Money can be a touchy subject, especially in our closest relationships. It’s also inescapable—like it or not, finances are integral to our partnerships, families, and even friendships. So, how can we foster healthy attitudes and productive conversations around this often-sensitive topic?
And what better time to dig into the psychology of relationships and money than the month of Valentine’s Day and love? In February, many couples exchange gifts, splurge on dates or romantic trips, and bask in the joy of romance. But we should also evaluate our financial partnership: Did we maintain open communication and stay aligned on priorities throughout the year? Could we establish new budgeting habits or spending boundaries that foster closeness and stability?
According to a 2021 Harris Poll survey on behalf of the American Institute of Certified Public Accountants (AICPA), 73% of married or cohabiting Americans say they experience relationship tension due to financial decisions. We all think differently about money, but getting on the same page with your partner is critical to avoiding long-term and sometimes irreconcilable problems.
Five Points of Financial Friction
While some of your feelings about money may be hardwired into your psyche, getting more in sync with your significant other is possible if you know where the friction points are. Here are five financial issues that have the potential to derail even the best match and some ways that working with a financial professional may help.
Financial professionals can play a role as you pursue financial harmony.
You need to put the time in and work on relationships daily. When it comes to the stresses that finances add to the mix, financial professionals can help navigate conflicts. Open communication and teamwork are always crucial to a healthy relationship. As financial professionals, we can strengthen the financial side of your relationship by creating roadmaps that help ease friction. We’d be happy to meet with you if you’d like a partner or even a second opinion.
This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm.
The Psychology of Love and Money
February 12, 2024