COVID-19 has impacted our lives in so many ways. Work, relationships and finances have been taken for a whirlwind by widespread job loss and stay-at-home orders.
Due to the global pandemic, relationships have shifted: Couples and singles alike are focusing increasingly on financial stability and transparency.
In a recent Personal Capital survey conducted by The Harris Poll*, nearly 2 in 3 Americans (61%) told us that the COVID-19 pandemic has made financial stability in a partner more important to them.
Financial stress affects couples in different ways. According to our survey, however, men feel the impact of financial stress in a relationship slightly more than women. They have also noticed that they are talking more about money with their partner, and — either in conversation or in private — they’re more likely to have contemplated a prenup. However, they don’t value financial stability as much as women do.
As a third party and fiduciary advisor, we can help drive a a big-picture money discussion, helping find a balance and strategy that both parties are comfortable with.
We recently published a podcast with psychotherapist David Pearl about tips and ways to have those uncomfortable conversations with your significant other. In all, personal finance is just that — personal. When discussing it with a partner, it can feel vulnerable, and you can feel anxious or uneasy. However, don’t let those feelings distract you from having a productive and transparent conversation. Consider discussing with a financial advisor to help spark those conversations and find a happy medium when it comes to your finances. If you and your partner would like to discuss with us, please book a complimentary 30-minute consultation here.