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The Relationship between Men, Women and Money
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What is it about money that often creates friction, tension and anger for people worldwide? Money has a very profound effect on people. In fact, finance issues are one of the most prevalent causes of divorce and can ruin relationships. Retirement income security is a concern for many newly retired couples. Fears about retirement costs, especially healthcare can place a strain on the senior experience.
Let’s explore some of the common issues faced by many couples and the precarious role of money in relationships between men and women.
Lack of Communication
Many couples argue constantly about money. They may struggle to make ends meet or be forced to live paycheck to paycheck with no help in sight. Many times, this is because men and women never take the time to sit down and discuss their current financial situation. Lack of communication is a very common problem that can weaken or end a relationship.
Men and women may spend hours discussing their next trip, but they fail to spend time discussing how to plan for a brighter financial future. Money shouldn’t be a taboo subject; if you have enough faith in your partner to remain in a relationship, you should be able to openly discuss any problems, including financial ones. By discussing your finances, you can strengthen your relationship and work towards achieving your financial goals.
Differing Values toward Money
Another common problem faced by men and women is differing values or attitudes towards money. Men and women think differently, and they often approach finances from opposite directions. This depends on their family history, personality and beliefs. Some people prefer to avoid issues, whereas others confront them directly. You may discover that your partner is a hoarder and you’re a spender. Money may be always burning a hole in your pocket, whereas your partner might prefer to invest every cent. All of these situations can cause problems in relationships. Conflicts and frustration often ensue when it comes to finances and marriage. Rather than argue about these issues, discuss them and work towards finding a solution that works well for everyone.
Failure to Establish Realistic Boundaries
Another common problem faced by men and women in their relationships over 50 is their failure to establish realistic financial boundaries. If one person makes all of the financial decisions in a relationship or fails to communicate the current financial status, problems are almost inevitable. Power struggles over money are very common. One way to address this issue is to share the responsibility of handling money equally between both partners. This makes both people feel more empowered and committed to establishing a healthy financial future together.
As the boomer generation approaches retirement activities, they will need to evaluate and prioritize what is important to their senior experience. Retirement work is an option 77% of boomer’s intend to pursue. While there are many options when you retire, money problems can be addressed in a positive and healthy way for couples.
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