Silence about money puts relationships under strain

How often do you speak about money with your other half?

According to research by Hymans Robertson Personal Wealth, just 14% of couples regularly discuss their finances together.

That’s an alarming figure, given that so many of us are struggling with the cost of everything from food to broadband going up.

In fact, two-thirds (64%) of couples say higher living costs are making money a bigger issue in their relationship.

So staying quiet about financial matters seems counterproductive, to say the least.

Talking about money can improve your relationship

If you’re open about your money with your spouse or partner, you can avoid misunderstandings and conflict.

And if you do face financial problems, you’ll be more likely to take positive action to tackle it, rather than suffer in silence and let the issue get worse.

That can only be good for your relationship and help you build a sense of mutual trust.

“Rising living costs are reshaping the way couples talk, plan and feel about their finances,” said Ollie Le Farge, corporate client manager at Hymans Robertson.

“And for many, that pressure is beginning to spill over into their relationships. 

“What may start as a short term worry about bills or budgeting can, without open conversation, quietly evolve into a deeper strain that affects confidence, trust and emotional wellbeing.”

Money remains a taboo subject

Part of the problem is that many of us simply aren’t comfortable talking about money.

In fact, a recent study by Barclays suggests that half of people in the UK think it’s rude to discuss finances, and nearly a third avoid these conversations altogether, even when they know it could help them.

But our own research shows why this approach is so problematic.

Nearly three-quarters of our customers (72%) said their finances are the main source of their stress.

But at the same time, over a quarter (28%) admitted that stress had caused their relationship to suffer.

So it’s clear that money worries can have a very real knock-on effect beyond your wallet.

And in some situations, that could even open the door or contribute to financial abuse.

Try our household bills calculator

If you’re worried about how rising costs could affect your finances, it could be worth trying our free and interactive household bills calculator.

It only takes a couple of minutes to use and shows how bills may change based on where you live.

Once you’ve done this, you can take the next step by using our handy budget planner to map out your monthly finances. 

It’s free and easy to use.

And if you’re struggling to keep up with household bills, remember that you might be entitled to some support.

We can check you’re getting all the benefits you’re eligible to claim with our benefits calculator.