DISCUSSING money has always been something of a taboo…

And it will possibly come as no surprise to learn that a large number of people avoid discussing money-related topics with friends and family.

Nonetheless, I was surprised to learn from a recent survey just how many people never even bring up the subject of money with their spouse.

A Starling Bank study found that 11% of married individuals are unaware of their spouse's debt status and 14% are unclear of their partner's savings amount.

Similar trends can be seen even among those who are about to tie the knot, with almost a third of engaged individuals saying they have no idea whether their prospective spouse is debt-ridden and nearly a quarter not even knowing if they own any property.

These are alarming statistics since they imply that many people are hoarding significant issues for the future, not just financial ones.

Even if you don't have a joint bank account, you still need to have a common understanding of your financial situation because a marriage is a union in every meaning of the word.

Being forthright and truthful with your partner about your financial situation shows a certain level of openness and trust.

That will only help you navigate the different problems life may present and instil confidence in you that you too can overcome them.

Talking to your partner about money can also help you avoid problems, from small disagreements to blazing rows.

Money is a common source of conflict in the home because of the potential for resentment and misunderstandings stemming from spending patterns.

However, if you are both aware of one another's financial situation, there is no cause for a fight to start.

Being open and honest about finances might also help you determine if the two of you are a suitable fit.

Naturally, opposites can attract, but given your greater caution and financial responsibility, could you, for example, live in harmony with someone who spends extravagantly and carelessly?

The only way to truly determine if someone is financially compatible with you is to understand where you both are coming from and whether they are putting your money at danger.

That's crucial if you have specific objectives and aspirations in mind, many of which depend on the amount of money you have in the bank.

For instance, you may wish to acquire an investment property or a home. Maybe you wish to save money for your retirement or send your child to a fee-paying school.

You can't ensure that your larger life goals are in line with each other and that you're making every effort to reach them if you don't talk to each other about money matters.

Future Life Wealth Management completely understand that discussing money isn't always simple.

But the advantages of getting over your shyness and having this talk are priceless, as it will allow you to proceed forward in life together, striving towards the same objectives.

Our team is always here for you. Please don’t ever hesitate to reach out to us by ringing 01246 435996 or by clicking HERE.