February is the month of love which makes it the right time for couples to discuss their relationship with money and their current financial situation.
It is essential that couples discuss the topic of money because financial struggles can strain or even break romantic relationships.
Farzana Botha, Communications Manager at Sanlam Risk and Savings and Lee Hancox, Head of Channel and Segment Marketing at Sanlam, use their years of expertise in personal finance to present a guide on relationship financial flags to help couples navigate the complexities of financial dynamics.
Botha said that decoding the financial red flags in relationships can be the crucial to a financially healthy partnership.
“Identifying these is not merely about avoiding pitfalls but building a foundation of trust and open communication that empowers couples to be financially confident and secure,” Botha said.
Botha and Hancox delve into ways that people who are in relationships can identify financial flags to foster healthier and more transparent relationships.
Financial red flags — the warning signs
Financial red flags are signs that something may be amiss in your partner's financial habits or attitudes.
Examples of financial red flags are:
– an unwillingness to discuss money matters.
Botha said that recognising these red flags early on can prevent financial conflict in the future. People need to learn how to address these financial red flags head-on and work with a financial adviser to ensure a healthy financial foundation for their relationships.
According to Hancox, couples should try to identify red flags early on so they can engage in open, honest discussions to find solutions together.
Hancox said: “Whether creating a joint budget, setting shared financial goals, or consulting with a financial adviser, action is key to overcoming these challenges. Remember, a healthy financial relationship requires mutual understanding, trust, and a willingness to work together towards common objectives.”
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