Mars and Venus – Women, Men and Money
by Stacy Francis, CFP®, CDFA
Mars may not be so far from Venus when it comes to money. According to a recent Redbook-SmartMoney Survey, most couples aren’t wasting time arguing over finances and they have few clashes over cash.
One of the most revealing survey questions asked, “Is money a source of fights in your relationship?” Only 7 percent of respondents said that money is the biggest cause of conflicts, while 62 percent money is “rarely or never” the cause of a clash.
More evidence of financial harmony on the home front: Most men and women (58 and 68 percent, respectively) said that both spouses have an equal say in financial decision-making. And just because one person may earn more than the other, they don’t necessarily feel that they should have more say when it comes to spending the family’s money.
Couples do seem to be honest with each other when it comes to their financial fears. This is a new cultural shift that is revolutionizing the marriages of the 21st Century. With women, men and money – we really do seem to be getting somewhere.
Savvy Ladies’ Tip: What’s the best way to keep such monetary disputes to a minimum? Know where your money’s going. To cut down on conflicts about spending carefully track your purchases.
Uncover what’s really behind those spats. Fights over your last manicure or his new tech gadget can sometimes be symptomatic of a bigger problem in a relationship. A good heart-to-heart can help reveal the real root of the fights.
Get your priorities straight. Take the time to identify your financial goals is the first step towards a healthy financial relationship with your partner.
Stacy Francis is president and CEO of Francis Financial, Inc., a fee-only wealth management practice dedicated to investment advisory services for women, couples and those experiencing divorce. She is also the founder of Savvy Ladies®, a nonprofit organization that educates and empowers women to take control of their finances.