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A recent study reveals a strong correlation between financial concerns and relationship breakdowns. While issues like infidelity or infertility may be more readily associated with relationship strain, the study highlights that debt and money-related anxiety can significantly contribute to arguments in relationships. Surprisingly, in 58% of cases, these financial burdens can ultimately lead to the demise of the relationship.
This is according to a study discussed on thisismoney.co.uk, which stated that 32 per cent of people declared they and their partner disagreed about how to spend money, and 28 per cent blamed the breakdown of the relationship on overspending by one person.
Additional challenges related to finances in relationships include issues such as gambling and feelings of jealousy when one partner earns more than the other. The impact of money on relationships raises concerns about the stability and longevity of partnerships. The intricate dynamics of financial matters can, indeed, become significant stressors within a relationship.
Gambling problems can strain a relationship as they not only pose a financial risk but can also lead to emotional turmoil and trust issues. Partners may find it challenging to cope with the consequences of a gambling addiction, further complicating their financial situation and eroding the foundation of the relationship.
Jealousy arising from income disparities can breed resentment and insecurity. The partner earning less may feel inadequate or undervalued, while the higher-earning partner may struggle with the pressure of financial expectations. These emotions can create a toxic environment that undermines the emotional connection between partners.
The cumulative impact of these financial challenges can contribute to the breakdown of a relationship, ultimately leading couples to visit Peters & May for family legal advice regarding divorce. Keep in mind that financial stressors often serve as catalysts for deeper underlying issues, exacerbating the strain on the relationship.
Finding solutions to these challenges, therefore, should be a priority. But how?
Get educated
With financial education, we can teach all generations about proper spending habits, and how to keep on top of personal finances. This should go some way toward relieving stress, encouraging a healthier monetary flow in and out of the household, and keeping relationships together.
In a blog from Wonga.co.za, we see how financial literacy could be the key is a happier financial life. The blog discusses ‘good borrowing’ and ‘bad borrowing’ and knowing the difference between the two. For example, if you wanted to take out a personal loan to help buy a car, which would be an asset, or to pay for tuition and education, which would be a personal investment, then this would be considered ‘good’ borrowing. ‘Bad’ borrowing could be where someone takes out a loan to spend on a holiday or a shopping trip – something which you could do without and which doesn’t justify the interest or possible late repayment fees.
Of course, credit is important. It can really get you out of a sticky situation. In fact, BT news says that 6.5million Brits have relied on credit in the past 12 months. But it is of course about spending wisely, and knowing your limits. Financial literacy should start as early as possible, so whether you are a struggling student or a hard-up pensioner, addressing your problems with money now is the key to a brighter financial future in the long run.
Get help
If you think that money problems could be affecting your relationships, it is wise to tackle the problems at the source. The Money Advice Service online, along with other debt charities, can help you to prioritise your spending and consolidate debt if required. The key is not to put it off – the longer you leave it, the more difficult it could be to change your habits.