Being stressed about finances should be a trigger for open dialogue between couples, but new research has found that the opposite is frequently the case.
Academics discovered that the more financial stress people are experiencing, the less likely they are to speak with their partner, perhaps exacerbating an already challenging situation and potentially exposing the partner to risk.
Emily Garbinsky, associate professor in the Samuel Curtis Johnson Graduate School of Management, co-authored the paper with Suzanne Shu, professor in the Charles H. Dyson School of Applied Economics and Management, and Nirajana Mishra, a postdoctoral associate at Yale University.
They found that a staggering 70% of participants in their study said they are or have been affected by financial stress, typically from being overwhelmed by spending, unable to meet their financial obligations, or being concerned about money management.
And those who are wealthier are not immune to financial stress and share the behavior of avoiding talking about it with partners, fearing potential conflict and believing them to be perpetual rather than solvable.
“When individuals view financial conflicts as an issue they can solve as a team, rather than as a lasting perpetual disagreement, they are more willing to initiate conversations about money with their partners,” Shu said. “This finding highlights the importance of reframing how couples approach financial discussions to foster healthier communication patterns.”
The study, “Discussing Money With the One You Love: How Financial Stress Influences Couples’ Financial Communication,” was published June 15 in the Journal of Consumer Psychology and covered in an original article by Sarah Magnus-Sharpe of the Cornell SC Johnson College of Business at Cornell University.
A recent report from Ameriprise Financial highlighted other ways that finances can cause disagreements between couples including misaligned financial goals, how to resolve financial issues, or a lack of trust.
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