The Importance Of Financial Conflict

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Throughout time there has always been conflict among families relating to finances. Money is typically one of those topics no one enjoys discussing, but when it is related to the well being of your family these problems need to be communicated. Recent economy issues have created an excess amount of financial conflict causing other issues to occur amongst families. These financial problems stem from many different factors such as a family member being laid off, their job producing a lower income or bad spending habits amid the family’s individuals. People cope with the feeling of not having money in many different ways. The conflict of not working or of not having a lot of money can lead to financial insecurity, taking on more hours at work, …show more content…

But on the flip side financial insecurity between significant others has become a vast problem that should be addressed. Conflict caused by a previous experience may be a large reason why couples typically avoid discussing finances. One study examined many couples and their conflicts, looking to see if they avoided or handled money conflicts contrarily to other conflicts. The results found that both husbands and wives feel that conflicts about money are important. Unfortunately the study also showed that while they find the issue important, it is not discussed as often and when it is the issue is more likely to be left unresolved (Papp, Cummings, Goeke-Morey). Why do couples feel and act this way? Individuals reported that, “Family members perceived social power, relative worth, and feelings of being valued may be significantly affected by the perceived capacity to engage in decision making about money”(Papp, Cummings, Goeke-Morey). Some believe that all of this is too much to lose by talking about money. This is a classic example of throwing a difficult but important subject under the …show more content…

Communication can be used as a tool to help ease the conflict among families. By illustrating the different causes of financial conflict and discussing any issues early on will help you prevent feeling insecure, working more hours, divorce and children’s bad behaviors due to financial stress. But if communication about financial problems continues to be a taboo topic among your own family these issues may arise. Don’t let money get in the way of memories with your family that at the end of the day will last plenty longer than the money in your bank

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