What is Financial Intimacy?

Financial Intimacy

One of the most significant issues governments, countries, and individuals fight about is money. It should be no surprise that couples also fight a lot about money. Some couples can have productive discussions about saving, spending, and budgeting. Some couples have one person in charge of money management. Couples that can have mature conversations about money and share an understanding of their financial status have financial intimacy. Some couples may need counseling to help them talk about their financial health.

Why is Financial Intimacy Important?

Money may not always make people happy, but a lack of money can sure cause unhappiness. Money can also be tied to your shared life goals, making those dreams come true. For example, can you afford to do so if you both want to retire at 55 and travel the world? It is hard to make shared decisions that depend on money if you aren’t both on the same page and have similar knowledge about your financial situation.

Financial intimacy can include sharing all your financial, banking, and investing account passwords. If something were to happen to one of you, your partner’s last need is to struggle with gaining access to financial accounts. If something were to happen to one of you, would your partner understand how to use and understand what is in the accounts? If accounts are separate, does someone have something to hide? Oftentimes there isn’t anything to hide per se, but one person just wants control and to be the financial decision maker. Of course, new relationships and pre-married couples may not need a lot or have a lot of financial intimacy, as finances may be entirely separate.

Another benefit of financial intimacy is that healthy financial intimacy can translate into healthy emotional and physical intimacy. Or at least fighting over money can jeopardize other types of intimacy. At the same time, financial secrets can destroy a relationship. Not having financial intimacy can also lead one person to get stuck in a horrible relationship.