A new study has found that more and more people have an account or credit card hidden from their partner. Money secrets can be just as harmful to a relationship as cheating. Interesting article by Anna Maxted about financial infidelity in The Times, with commentary from Simonne Gnessen.
The process of divorce or separation forces you to make big financial decisions at a time of intense emotional upheaval. There is an urgent need for clarity, understanding and clear planning to ensure those decisions are made well, as they could have a big impact on your future.
The financial side of divorce can be a daunting process, especially as many of us struggle to understand where our money goes at the best of times. There may be financial issues – such as pensions, investments, debts or a family business – that you have never really understood, and now decisions need to be made about how to share these. Even apparently straightforward questions, such as ‘how much do you need to live on?’ are complex when on the cusp of a big life change.
Financial coaching provides support and guidance in understanding money, and so can be particularly helpful for navigating the financial aspects of divorce and facilitating discussions between couples.
I was chatting to my hairdresser the other day, having the conversation we’re all having at this time of year: “You all set for Christmas? Done your shopping yet?” She said she was all ready, excited for her young children aged 7 and 10, and revealed that her budget was £500 per child.
I left the hairdresser reeling a bit from this figure, and the wider implications of that kind of spend. It set me thinking about what we’re actually giving our children at Christmas. Every parcel under the Christmas tree is wrapped not just in sparkly paper and ribbons, but in many layers of belief and attitudes and values. While the actual presents may soon be forgotten, these extra layers often stay with people for their whole lives – affecting how they deal with money, love and giving in adulthood.
It's these beliefs and attitudes...
The words ‘money’ and ‘worries’ go together so often they can seem inseparable. For many people, their relationship with money is fraught with anxiety. In Sheconomics we talk about ‘Money Anxiety Disorder’ (MAD) – a fixation with money worries and a persistent sensation of simply not having enough. I also come across something I call ‘net worth anxiety’ – where people assess themselves at a certain stage of life and compare themselves to friends or colleagues or to their own expectations, and feel that they’ve fallen behind.
Money worries can leave you trapped in a relentless cycle of anxiety.
We can learn a lot from other people's experiences. Here's some recent money lessons that clients have shared:
My interview with Wired For Success TV, talking about my pioneering approach to helping people deal with their finances and tackle their
relationship with money. Boy, do I blink a lot!
You have the choice of watching a videoed recording or listening to a podcast of the interview.
After two years of fun writing, we're excited to say that Sheconomics, is finally on the bookshelves! We were lucky enough to get a double page spread in The Times about the book, written by Carol Midgley.
If you don't subscribe to The Times you won't be able to read the article in full, so here it is...