Money Causing Relationships to End in Tears
While money might make the world go around, it remains on the big three conversation categories to avoid at a dinner party. It is also one of the biggest causes for marital and relationship breakdowns. Leading Australian personal debt management company Revive Financial says money; debt stress and personal debts incurred prior to the relationship tend to result in relationships ending in tears.
Brett Gavin, General Manager of Revive Financial, said it is important couples stop avoiding financial conversations and discuss debt before making big decisions about their future together.
“Sitting down with a prospective partner and getting to the nuts and bolts of your future might seem like a deal breaker, but it is the first step to being aware of your potential financial future,” Mr Gavin said.
“It is important that communication is open and free flowing so you know what you are getting yourself into as far as debt is concerned.”
Relationships Australia Queensland’s survey indicated that 71% of those surveyed felt debt and financial stress were more likely to push couples apart. The top reasons sourced were:
- too much stress,
- financial problems cause arguments
- couples blaming each other for their financial problems.
“These situations are all too common as couples seem to be unaware of their partners’ money spending habits,” Mr Gavin said.
Mr Gavin said many clients of Revive Financial are facing serious financial hardship because they had been lumped with large debt repayments after a breakup.
“It’s quite common for one person to take on the role of Chief of Finance in the relationship. They pay the bills, handle the finances and manage the budget,” Mr Gavin said.
“Sometimes this means taking on all the debt in their name, and being left to manage large repayments on their own when their partner leaves. In other situations, when the person handling the money leaves, the other person is at a loss what to do, falls behind on repayments and racks up large debts.”
There are certainly steps you can take to ensure debt doesn’t drive a wedge between you and your partner and it all starts with a conversation.
“While money is taboo, you should definitely talk to your partner about how you will be managing money in your relationship. “Mr Gavin said.
“You should discuss how you will transact your finances and determine how you will divide the money management tasks. Another important thing to understand is how much debt your partner is bringing into your relationship.”