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People worried about bills, feeling overwhelmed about overspending or concerned about money management may expect a “money talk” to lead to an argument, so they avoid bringing up the topic, according to a report from researchers at Cornell University and Yale University, published this month in The Journal of Consumer Psychology. Yet prior research has found that communicating about money helps couples spend more responsibly and better manage their debt. Why is it so difficult for some people to talk about money with their partners in the first place? Aja Evans, a financial therapist in New York, said people may feel ashamed that they are having money troubles. (Financial therapists aim to help clients understand how their emotions and beliefs about money can affect their financial behavior.)
Persons: , Emily Garbinsky, Aja Evans Organizations: Cornell University, Yale University, Consumer Psychology Locations: New York
Skynesher | E+ | Getty ImagesWhat successful couples do differentlyCouples who say they feel their financial problems are perpetual are more likely to assume they have no solution, according to Cornell's research. Unfortunately, most couples by default tend to view their financial problems as perpetual, and therefore avoid talking about financial issues, Garbinsky said. watch nowCommunication avoidance may also contribute to financial infidelity, where a partner will withhold or hide financial information from their partner. "If you're not talking and if you're hiding things from your partner, it is having negative effects on your relationship quality over time," Garbinsky said. To start to unravel financial conflict, it helps to backtrack and talk about the money memories each partner has and how that shapes their feelings about money now, he said.
Persons: Garbinsky, Jude Boudreaux, Boudreaux Organizations: Partners, CNBC FA Locations: New Orleans
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