Financial stress and your partner
Whatever season in life you are in, TWiCE love to take a close look at how your financial wellbeing affects your overall wellbeing, and more specifically your mental wellbeing. If you are facing challenges and stress on the financial side of life, it can often leak out into other parts of your life, including your closest relationships.
A stressful financial position can often negatively affect your relationship with your partner, something one of our members has had first hand experience with. A recent study in the US found that about 1 in 3 couples run into friction in their relationship due to money or financial stress, with similar results here in Britain too. Research has shown that 1 in 5 blame their partner for their money worries, whether it be overspending or not budgeting properly.
At TWiCE, we think that the results of both of these studies is very telling because it shows a lack of one very specific and important thing in any relationship: communication. Arguably, any solid and lasting relationship is built on clear and transparent communication with your partner. Without it how can your other half understand where you’re at financially? Let alone how you’re feeling about it and how to unravel the root of your financial problems. There is no doubt that not communicating clearly with your partner can lead to many problems in the relationship. However, when it comes to finances, it can make the issue worse, as the other partner may not be aware of everything you’re seeing and feeling. Your partner may not fully grasp the gravity of the situation if they aren’t up to date on where the two of you are at, together. This can often lead to arguments, resentment and the fostering of an unhealthy relationship, which no one wants to experience, especially if you’re caring for children as well.
There are a couple (pun intended) of things you and your partner can do together to try and communicate better and hopefully work together as a team to achieve. Like integrating and running through your finances with your partner together. Making sure both you and your partner’s finances are in tune together allows you to know where you both currently stand financially. Along with that, it can help you team up and reach your financial goals together; pooling your resources gives you more to work with overall. What teaming up means exactly is entirely up to you and your partner, as everyone and every couple is different. Most importantly, if you run through things with your partner together, you can avoid the exasperated arguments that can often result from communication breakdowns.
Part of what we are doing here at TWiCE is getting people to open up and speak about how their finances affect their personal wellbeing. We want to open up the discussion about the financial challenges that everyone faces. If you communicate how you are and where you are at with your partner more effectively (and vice versa) you have another person to help you along the way, and with that you can get a leg up, and maybe look to also help those around you.
- Tom L
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content.