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Strong relationships with family and friends can bring great happiness, offering a dependable support system to help achieve personal goals and dreams. However, mixing money and personal relationships can be uncomfortable. People have different financial aims and priorities, and they face varying levels of success in reaching their desired outcomes. This can lead to anxiety and fear about one’s financial situation and how to accomplish personal financial goals. Involving spouses, parents, friends and children in these discussions can surprise even the most confident person.
Being comfortable discussing finances can significantly influence personal goals and relationships. Keeping up with the financial achievements of close contacts can strain relationships, and worries about cost and affordability can stop Americans from participating in activities with friends and family. Additionally, due to a desire for privacy and fear of embarrassment, not everyone feels at ease discussing their finances with others.
CFP Board sought to better understand how Americans interact with those close to them regarding financial issues and how money affects those relationships. This survey explores the intersection of money and relationships among a diverse group of Americans.