While love brings two people together, money can easily tear them apart. A survey by the American Institute for Certified Professional Accountants in 2021 found that 73% of married or cohabiting couples felt that finances created tension in their relationship.It’s not surprising - relationships are complex and money can trigger a powerful set of emotions including inadequacy, guilt, stress, shame or blame.
So, when two people have different approaches, both will believe they are right and it will take very honest communication to be able to unpack and understand the differences to find common ground. And then there may be differences of opinion on issues such as how much debt to incur in buying a car, or how much to allocate to retirement savings.We see money as a measure of success and the more someone earns, the greater their success.
As many as 58% of the respondents in the 2019 consumer research admitted to hiding or lying about their savings and 40% weren’t open with their life partner about their debt. Some of the more serious secrets included undisclosed gambling , directly harming the other spouse financially , lying about paying bills and spending saved money .
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