The Last Taboo: Couples and Money
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By Anne DeCore, AMFT
Social media has broken down the walls around previously taboo subjects such as sex and politics. But talking about money is the last taboo. Friends, family members, and partners in intimate relationships will talk about anything else to avoid disclosures about what’s in their bank account or how much they earn. And yet, couples fight more about money than anything else. Here are just three examples of those chronic triggers: To what degree do earnings dictate power in the household? What are the differences between transparency, privacy, and secrecy? Do we merge our money or keep it separate? How do we plan for retirement?
Money is said to be the leading cause of divorce. So what is the sequence of dysfunction?
Discord about finances → financial strain → marital strain → decreased relationship satisfaction → decreased relationship stability → increased likelihood of divorce.
Studies confirm that in the area of money, it holds true that opposites attract. One tends to spend and one tends to save. We enter into a partnership with someone who has a constitutionally different orientation toward money and we enter that partnership with zero practice talking about that difference.
Therapists know that a person’s yearnings, fears, vulnerabilities, values, and hopes are all wrapped up in money. And most of these money beliefs and values are formed in childhood. When a couple enters therapy with financial discord, often, the first thing a therapist will do is create a financial genogram with them. This diagram tells the intergenerational history of money beliefs and values in each partner’s family. Learning about each other’s money stories helps expand understanding, curiosity, and empathy which tend to promote new pathways for choice, healing, and teamwork.
Here are some questions that couples can use on their own to prompt open conversations:
- What did you love about your parent’s relationship to money?
- What are some things about your parent’s relationship you want to leave in the past?
- What’s your first money memory?
A recent development in the field of marriage and family therapy is the appreciation for how profound financial discord can be on the health of relationships. This has led to an emerging niche within our industry: Financial Therapy. Financial therapists help couples connect the past to the present, emotions to behavior, and see how each one may be contributing to a dysfunctional cycle. These therapists are trained to understand the financial housekeeping practices that produce best outcomes and they are able to guide clients toward adopting these healthy habits.
To learn more about connecting with a Financial Therapist you can start by asking for a referral from a therapist you currently work with or use this database:
References:
1. David J. Mumford & Gerald R. Weeks (2003) The Money Genogram, Journal of Family Psychotherapy, 14:3, 33-44, DOI: 10.1300/J085v14n03_03