Were things simpler a century ago, when men
were the breadwinners and women cared for the children at home?
Perhaps they
were, but as women have gained independence (both financial and other), entered
the workforce and secured women’s rights, two income households are
increasingly the norm.
How has this influenced the role money
plays in relationships? And has a financially independent female population,
increased divorce rates, and the increasing popularity of prenuptial agreements
impacted the importance of money in relationships today?
If both parties of a couple are financially
independent, both have a say in the finances of a relationship as opposed to
the days when the finances were the man’s domain. There are a number of things
to consider today that relationships of yore never encountered.
-
Do you have joint back
accounts?
-
Do we need a prenuptial
agreement?
-
What happens when we have
children?
The 2011 Relationships Indicators Survey
outlined that respondents from 1,204 interviews among the general population
aged 18 and above said that financial stress was the most common cause of a
relationship breakdown. Furthermore, 71% of respondents indicated that
financial issues were more likely to push couples apart, as opposed to 11% of
people who said they believed that it would keep them together.
Respondents were also asked their reasons
behind owning separate or joint bank accounts. The two main reasons behind
couples who keep a joint bank account were that that they share everything and
have no secrets, and for convenience.
The top three reasons for couples to keep
individual bank accounts were that they hadn’t got around to changing it, it’s
the way they choose to live, and that they wanted to remain independent.
Money remains an important factor in many
relationships today because money means different things to different people.
Our personal relationship to money can be influenced heavily by our upbringing
or our parent’s relationship with money – and often we bring that baggage into
a relationship. Couples may also have different ideas about what happens with
money when a relationship progresses to marriage, or when children are born.
Talking about money and what it means to
you and understanding what it means to your partner can help you avoid a growing
resentment or worse, the need for family lawyers to oversee messy property and financial settlements following a
separation or divorce.
How you and your partner view money can
affect a number of decisions, from what toilet paper you buy to what car you
drive – so if you haven’t discussed money it might be a good time to start!
How do you and your partner negotiate your finances?
And is money an important part of your relationship?
Cheers
Mandy
This is in collaboration with Watts McCray.
Such an interesting topic. Personally I believe once you're married all that you have is shared. My hubby and I joined our bank accounts pretty much right away. We consult each other respectfully on purchases over $50 or so and have a budget which we adhere to together. I believe that this means we have LESS financial pressure than friends I see who remain with separate accounts and one pays for groceries the other does bills etc! Too confusing!
ReplyDeleteSounds like you've got a good thing going on there. I remember when we went to 'marriage preparation' and a lot of people hadn't really fully discussed money, Rod and I were quite shocked because we'd really nutted out what it was that we both wanted in life. Sure it might change, but you need to make sure you're on the same page to start with.
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