It always used to be the case that the men did the ‘heavy lifting’ in a relationship, such as finances, bringing home the bacon and other ‘manly’ things, while women did the ‘easy duties’ (yeah right) like raising the kids, managing a household and all the other ‘womanly’ duties. It is all pretty barbaric and I can’t thank the strong women that squashed these norms enough.
We are incredibly lucky to live in a society where gender stereotypes are a thing of the past, however, data suggests that when it comes to money we are not as strong and independent as we like to think.
A Fidelity study discovered that just 24% of women were taking primary responsibility for day-to-day financial decisions. While this is up 15% from 2011, it is still pretty low.
Sure, some women may not be shying away from this because they don’t think they can do it but may simply not want to be involved, whatever floats your boat. We can do exactly what we want. But even thought talking about money isn’t exactly a sexy topic, it is worth discussing this for the long run especially if you are saving for a house/car/wedding/vacation.
I’m not saying women should have primary responsibility of the income, rather, you and your partner should … communicate. The infamous concept that really trips us up in relationships.
In saying this, the study also found that 8/10 women refrain from having financial conversations and a similar Fidelity study found that there was a huge disconnect between couples who did communicate about money. It discovered that more than 4 in 10 couples failed to correctly identify how much their partner makes.
So how can you and your partner work together on your finances in a sexy way? Well, first things first pop open a bottle of wine (optional, of course) and discuss a few of the following things and come up with budgets and plans that suit both of you, rather than being told how much you can and can’t spend each month.
After all, money is one of the key causes of disagreements within relationships so it can help to have your finger on the pulse!
- Ditch habits that are costing you a lot of money.
- Make a simple budget.
- Commit to saving or having a ‘rainy day account’.
- Stop impulse shopping.