DALLAS, February 9, 2022 /PRNewswire/ — To raise awareness of the connection between love and money, the National Financial Educators Council has launched Love and Money Month to be observed each February to align with the valentine month. In February of each year, we will provide new research and data that will help clarify the impact of money on our relationships; and offering resources to help people improve their relationships through financial empowerment.
The NFEC founded Month of love and money to raise awareness about how finances can affect our loved ones and give people resources to support them towards safer financial situations and healthier relationships.
Surveys are conducted during this time to better understand the impact of money on relationships. One of these studies was conducted between January 25. and January 26, 2022, where 1,200 respondents across America were asked, “Who can you comfortably talk to about your personal finances with?” The choice ‘romantic partner’ was selected by 21.3% of respondents. The remaining 27.5% was split between “parents/guardians”, “siblings/extended family”, “friends/colleagues”. The most common answer with 51.2% of the total “None of these”. To see full survey results here and additional survey questions.
The NFEC divides the campaign into three distinct relationship areas: romantic relationships, relationships between parents and adult children, and relationships between parents and young children.
For couples, conversations about money can be difficult, but talking about money and being clear with each other about your financial situation and lifestyle goals is essential for a happy relationship.
The NFEC offers resources for couples to start talking about money at every phase of the relationship, from first impressions to marriage. Moreover, the A guide to the cost of love life events which helps people plan for the costs that arise at different stages of a relationship.
The NFEC has also conducted research to better understand how money affects several areas of romantic relationships, including whether individuals are attracted to financially similar people; the general tone of conversations about money between partners; and how people think money affects their relationships with loved ones.
Relationships between parents and adult children
Building on the theme of love and money, the NFEC also provides resources and data that highlight the financial intertwining between parents and their adult children. This year’s data focus on caregiving. With nearly one in three adult children supporting their aging parents financially, loved ones should discuss this topic early.
To facilitate these discussions, the NFEC provides conversation starters and tips for families.
Relationships between parents and young children
During the month of love and money, the NFEC offers resources and data for families with children. One of the goals of this campaign is to encourage families with children to take proactive steps to raise self-sufficient children who are not only able to meet their basic needs, but also on the right track to live fulfilling and fulfilling.
“We invite anyone looking to strengthen their relationships and finances to participate in the month of love and money. Make February the time to have those conversations about money that you know are important,” comments the CEO of NFEC, Vince Shorb.
The Month of Love and Money is part of the Mission of the National Council of Financial Educators giving people knowledge and guidance to achieve greater financial well-being. We accomplish this mission by empowering financial wellness champions around the world to help community members work towards financial health. The goal is to create a world where everyone is informed to make confident and informed financial decisions.
SOURCE National Council of Financial Educators