CISI event explores relationship between love and money

by Lora Benson | Nov 15, 2018

 

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  • ‘For Love and Money’ event held on Monday 12th November in partnership with Relate and the Money Advice Service
  • The evening session aimed to help couples understand the links between finances and relationships, and encourage them to talk about money with their partners
  • The event is part of Talk Money Week, running from 12-18th November

The Money Advice Service, the Chartered Institute for Securities & Investment and relationship charity Relate held an event in London to help organisations do more to better identify and understand the link between finances and relationships.

Held on Monday at the De Vere Grand Connaught Rooms in London’s West End, ‘For Love and Money’ was one of the flagship events of Talk Money Week, bringing together academics, relationship councillors and financial planners to discuss how money can impact relationships, and how couples can best deal with conflicting financial views.

The ‘For Love and Money’ event coincided with the publication of new Money Advice Service research which found that of those in a relationship, almost a third (29%) say their other half does not know about all the money they owe. And five per cent admit that their partner is completely in the dark about their debts.

Providing advice and guidance on these topics were Prof Sharon Collard, Research Director of the Personal Finance Research Centre University of Bristol, Prof Jan Walker OBE, Emeritus Professor of Family Policy, University of Newcastle, June Brogan, Counsellor and Area Manager, Relate and Marlene Outrim CFP, Certified Financial Planner and Chartered FCSI. The panel was hosted by Sarah Porretta from the Money Advice Service.

The session aimed to the financial and relationship sectors talking to each other and share best practice examples, so that people on the frontline of advice and guidance can learn from each other and create stronger links between organisations giving guidance on relationship issues and those giving guidance on financial capability.

Key recommendations from the panel discussions included:

  • Joint working between sectors and joint funding to work together to test new ways of working holistically with couples and families around their finances where there are conflicting approaches. Ideas included piloting joint services, mutual training from each sector for the other, and smooth referral arrangements in both directions to provide more joined up services for clients
  • Fund advice and support services for those on lower incomes
  • Provide preventative information and support for couples starting out together to encourage them to talk about what money means to them and their approaches and how they've related to money in their families of origin, and to help identify areas where they may have conflicting approaches
  • Provide preventative support for couples to talk money together so that they can talk money to their children, building on the success of the talk learn do pilot to embed support for couples to resolve conflict constructively and work together on their finances so that they can then teach their children and talk money to their children
  • Include managing finances and resolving conflict in the new compulsory relationships and sex education curriculum

Held from 12th to 18th November, Talk Money Week is an opportunity to reduce the stigma around money by encouraging conversations among families, friends, colleagues and children. Designed to improve people’s money management skills and financial wellbeing, Talk Money Week is also the annual celebration of the work organisations like Young Enterprise are doing to improve people’s financial capability across the UK.

Sarah Porretta, UK Financial Capability Director from the Money Advice Service commented: “Money affects all areas of our lives including our relationships, but too often we struggle to talk to the people closest to us about our finances. That’s why we were delighted to join forces with the Chartered Institute for Securities and Investments and Relate to host this event, developed to help people break through the taboo of talking about money.

“Our Talk Money Week research has found that too many people suffer in silence when it comes to their financial worries, and we hope that this event can play a role in giving people on the front line of money and relationship advice and guidance the tools they need to help couples tackle their money issues head on.”

June Brogan, Counsellor and Area Manager at relationship support charity, Relate said: "Finances can be a taboo subject for many couples, particularly when money is tight. Arguing about money and how it’s managed can be a sign of deeper issues, so understanding each other’s point of view is crucial to resolving problems. Being open early-on about how you plan to share finances, pay bills and manage spending really helps. Helping couples to resolve conflicts and work together is central to Relate’s counselling services which is why we’re pleased to support Talk Money Week. By working with the wider relationship support, financial planning and money guidance sectors, we hope to create effective, joined-up solutions for couples and families in financial difficulty.”

Marlene Outrim, Certified Financial PlannerTM, FCSI and Chartered Wealth Manager said: “I was delighted to be invited to make a contribution to this event, which discussed the interaction between love and money. Finance between couples is such an important factor in their relationship that it can often lead to much conflict, dysfunction and even the end of their partnership. Helping couples to overcome such issues is an important ingredient in the Financial Adviser/client interaction.”

Jacqueline Lockie, Certified Financial Planner TM, Chartered FCSI and CISI Head of Financial Planning said: “CISI is excited to be involved in MAS’s “Talk money” week. I’m delighted that we can help bring together different professions in useful dialogue about how couples handle money. There is definite crossover and experiences we can share which will ultimately benefit couples.”