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How much should couples know about each others' money?

14 February 2020 2:35 PM
For most people, it's not easy to talk about money with a partner. Financial planner Sylvia Walker has advice.

For most of us [Xhosa men], we grow up knowing to not share all your finances with your wife. You will die! There’s that fear, ‘Yoh, women!’ It’s there, I promise you! You get taught, “Yewena! Ye! Ye! Ye! Ye!”

Abongile Nzelenzele

How much should you know about your partner’s finances, and how much should you share with her or him about yours?

When poverty comes in the front door love goes out the back, says personal finance expert Sylvia Walker.

  • What are the benefits of joint financial planning?

  • Why is it so hard to discuss money?

  • How can couples cooperatively plan their finances?

  • Why is it vital to be utterly open when talking about money?

  • What is "financial infidelity"?

Abongile Nzelenzele interviewed Walker about couples and their finances.

Money makes a lot of people feel stupid… We’re taught by society not to talk about money… People have different views about money, so we feel intimidated…

Sylvia Walker, corporate specialist financial planner

You each are your own person… have your own bank account! But there are some common things… you might want to have one bank account for that.

Sylvia Walker, corporate specialist financial planner

Don’t just hand over your financial power! … Money is often used as a means of control… Financial infidelity is a big thing…

Sylvia Walker, corporate specialist financial planner

What I earn is my business, but I’m open about what I can contribute to the household pot…

Sylvia Walker, corporate specialist financial planner

No one person should be completely in control…

Sylvia Walker, corporate specialist financial planner

For more detail, listen to the interview in the audio below.

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14 February 2020 2:35 PM

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