LAS VEGAS, Feb. 1, 2023 /PRNewswire/ — To raise awareness about the connection between love and money, the National Financial Educators Council launched Love & Money Month to be observed each February. In February every year, we will provide new research and data that help clarify the impact of money on our relationships; and offer resources to help people improve their relationships through financial empowerment.
According to a survey from the NFEC, 51% of people said they could not talk comfortably with their romantic partner, parents, family members, or friends and co-workers about their personal finances. Only 21% of those surveyed said they felt comfortable speaking with their romantic partner about their finances.
The NFEC founded Love & Money Month to raise awareness about how finances can affect our loved ones and give people resources to support them toward more secure financial situations and healthier relationships.
The NFEC breaks the campaign into three distinct relationship areas: romantic relationships, relationships between parents and adult children, and relationships between parents and young children.
For couples, conversations about money can be challenging, but talking about money and being clear with one another about your financial situation and lifestyle goals is vital to a happy relationship.
The NFEC offers resources to get couples started talking about money across each phase of the relationship, from first impressions to marriage.
The NFEC also has conducted research to provide insight into how money affects several areas of romantic relationships, including whether individuals are attracted to financially similar people; the general tone money conversations between partners take; and how people feel money affects their relationships with significant others.
An additional resource the NFEC offers complimentary to interested couples is a Cost of Love Life Events guide that helps people plan for the costs that arise at different stages of a relationship.
Relationships between Parents and Adult Children
Building on the theme of love and money, the NFEC also provides resources and data that highlight the financial intertwining between parents and their adult children. The focus of this year’s data is on caregiving. With almost 1 out of every 3 adult children providing financial support to their aging parents, loved ones should discuss this topic early.
To assist in these discussions, the NFEC provides conversation starters and tips for families.
Relationships between Parents and Young Children
Given that half of parents currently help their adult children financially (Bankrate https://www.bankrate.com/personal-finance/financial-independence-survey-april-2019/), it’s become critical to encourage parents to mold positive financial behaviors in children and give young people the skills to grow into self-sufficient adults.
During Love and Money Month, the NFEC offers resources and data for families with children. One of the aims of this campaign is to encourage families with children to take proactive measures toward raising self-sufficient children who are not only in position to cover their basic needs, but also on track to live rewarding and fulfilling lives.
“We invite all those looking to strengthen their relationships and finances to participate in Love and Money Month. Make February the time to have those conversations about money that you know are important,” comments the NFEC’s CEO, Vince Shorb.
Love and Money Month is part of the National Financial Educators Council’s mission to give people knowledge and guidance toward reaching greater financial well-being. We accomplish that mission by leading advocacy campaigns and empowering financial wellness champions around the world to support community members to work toward financial health. The goal is to create a world where everyone is informed to make confident, qualified financial decisions.
SOURCE National Financial Educators Council