IS it time you had an open and honest conversation about money?
Retirement, for example, is a big life change. It is the point when we’re supposed to have enough ‘put by’ to live comfortably for the rest of our lives, even though we don’t know how long we are going to live or what our state of health will be. Money worries are a major cause of stress for 67 per cent of couples over 65, according to research.
To help couples understand their money relationships, I introduce them to Money Types. Each of the 8 types have a certain way of dealing with money. For example an ‘Innocent’ generally doesn’t take responsibility because they are scared and don’t feel capable. At stressful times such as retirement, they may well avoid thinking or talking about it altogether. They will leave it to someone else to sort, hopefully their trustworthy ‘Warrior’ partner who has always carefully planned and taken control.
What though, if the ‘Warrior’ is also wobbling with fear about the future? It may cause them to discover a hidden ‘Tyrant’ desperate to cling onto everything - no spending, no enjoying just holding on to the money. The couple then get caught in an unintentional vicious circle that neither of them fully understand. It is time for them to have an open and honest conversation - possibly their first ever!
>Leeds-based Helen Collier is one of only two coaches in the UK trained with the Money Coaching Institute in California. She helps people who are often embarrassed and ashamed about how they’ve handled money to create a financial life they can be proud of. www.harmoneylife.co.uk