Being financially transparent with your partner means openly sharing financial information with them. According to this paper, a cultural taboo around conversations pertaining to money exists in our society, which can lead to stress in marriages and an imbalance in power dynamics between couples. Forbes further describes the inability to be open about money with your partner as Financial Infidelity. Financial Infidelity can lead to:
Financial stress & anxiety
Strife in the relationship
Lack of connection between both parties
Adopting a healthy perspective to money conversations and having a more transparent approach to financial activities can help couples cultivate a culture of financial transparency. Financial transparency involves talking about your debt, your financial habits- whether good or bad and your financial goals. In this article, we will explore a couple more ways couples can foster financial transparency in their relationship.
Ways to Foster Financial Transparency
Have open communication about money: As earlier established, talking about money with your partner is crucial to fostering financial transparency. Talk about the big things such as ‘the ideal school you want your future kids to attend or property purchase’ and the little things such as who picks up the bill at an outing. Talk about your deal breakers and non-negotiables as it pertains to money. Talk about your ambitions and how you intend to pursue them. These types of conversations will let you both know if you are both financially compatible. It will also ensure that you are building a healthy foundation for your relationship’s financial health.
Be less judgmental of the financial shortcomings of your partner: Your partner might have an unhealthy relationship with money that causes them to constantly be in debt, while you might be a better saver. Regardless of your money personality, being less judgemental of your partner’s shortcomings and helping them find better ways to manage money is a better route to financial transparency than the opposite.
Consider opening a shared account: A shared account is an account jointly owned by two or more individuals. One of the benefits of jointly owning a joint account is its role in fostering trust and transparency between couples.
Research shows that couples who pool their money together enjoy stability, trust, and a deeper connection between them. Brassmoney is a financial management app built with the intent to help you and your partner further strengthen transparency in your relationship. On the app, you can create a Shared Account with your partner and begin to invest in your relationship together.
Set mutual financial goals: Studies show that couples who set financial goals and work together on achieving them generally experience more fulfillment in their relationship. Setting mutual financial goals and actively collaborating on ways to achieve set goals can deepen feelings of intimacy and foster financial transparency.
Not being open with your partner about money can result in negative feelings such as financial anxiety, and distance between you and your spouse and even lead to a breakup. For the longevity of your relationship, it is important to seek ways in which you and your partner can foster financial transparency.