Financial Stress is the biggest cause of break-ups
Financial Stress is the biggest cause of break-ups
The traditional wedding vows include a promise to be together
“for richer, for poorer”
but many couples find “for poorer” just too bloody hard.
Financial stress is the number one cause of relationship breakdown, according to Relationship Australia research.
Given this is the case, then it could be a rocky road ahead for many couples, given that financial stress is rising after the global pandemic and lock downs across the country.
It has been reported that one in three Australians were experiencing financial stress, affecting people at all income levels.
If we don’t play our cards right, our relationships could pay the price, which brings its own form of misery, as well as being financially costly if you wind up in divorce or separation.
How do you money proof your relationship
The first step could obviously start by sorting out your finances, tightening your belt or getting a financial plan, whether through professional advice or a more DIY route.
“Happy families are all alike; every unhappy family is unhappy in its own way”
Leo Tolstoy
When it comes to money, it doesn’t mean that every happy family has exactly the same amount of money or spends the same way; it means that every happy family has found a way of dealing with money that works for them.
Some couples try to avoid conflict by having one partner manage the finances and become CFO.
However, this can be a trap, not just because the outcome of financial decisions affect both partners but because you may find yourself in the financial drivers seat at some point because of separation, illness or death.
If Relationships Australia tells us the number one reason for relationship break-downs is fights about money, what are you doing to protect your relationship?
If you know your financial situation needs fixing, there are solutions available.
The outcome hangs on your ability to take the steps necessary to make change.