Is Your Relationship Affected By Cash Problems?
Money may not be the greatest of romantic conversation starters but a new study suggests that couples who don’t discuss their monetary situation could see it affect their relationship. The study, which was held by Ipsos Reid for a Calgary-based accounting firm discovered that those who were married or in a common-law relationship said that their relationship problems were largely due to credit debt and financial issues. 27 percent of those questioned said that the financial stress they were under had a negative impact on their relationship, leading to unnecessary stress and arguments.
Younger married couples and those in common-law unions were found to be most likely to be affected by money, with 41 percent saying it was a problem compared to just 28 percent of middle-aged people and only 16 percent of senior participants. Interestingly, the participants who had children were more likely to say that finances put a strain on their relationship than those without. This could be attributed to the fact that such couples are more likely to have an increased number of outgoings each month.
The average household owes 165 percent more than it earns in disposable income, which accounts for the 22 percent of participants who said that they found it difficult to make minimum payments on their debts and credit cards. This is despite an astounding 96 percent of people knowing how much money they owe to creditors. By sharing your feelings and information about your finances with your partner, you can dramatically decrease the amount of strain put on your relationship – this is especially true if your debt is a joint account. Debt can be an overwhelming subject to tackle, so it helps to be honest an open about how much you owe, how much you can afford and what you’re bringing in.