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Family finances: Keeping partner in the dark can be disastrous

Started by : Amrita   12 29 2010 09:30:21 +0000
Industry : BankingFunctional Area : India(Markets)
Activity:  18 views;  last activity : 12 30 2010 14:45:21 +0000

People today are disorganised about their finances because they never think something will happen to them, the husband and wife may be living in perfect harmony and may be sharing the same toothbrush. But when it comes to their salary details, the annual bonus or their credit card limits, they are not letting their partners take a peek.  And if something happens to any one of them then

So, why is there a situation like this in the first place??

 
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1 2 3 4 5
1 Its due to lack of communication
2 Lack of Trust
3 Make a List
4 Identity crisis
5 Be honest
6 Its due to lack of communication
7 to avoid any sort of misunderstanding and conflicts
8 Its due to lack of Communication
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Its due to lack of communication

idea posted by Amrita Animation/Graphic Artist

Now lack of communication is emerging as another key cause. Most people do not communicate their financial decisions to family members because of oversight or procrastination. Strangely, individualism too is creeping into personal finance these days and couples are steadfastly refusing to share financial information with each other.
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Lack of Trust

idea posted by S. Muralidharan Executive Director
Its the lack of trust between the mutual partners these days causing a lot of avoidable woes! "Penny Wise and Pound Foolish" attitude is broadening the gap, which unarrested in time, could be counter-productive.
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Make a List

idea posted by Prasad PN Zonal Sales Manager
Always make a list of documents, insurance policies, investment details and take a print out with full contact details and this should be given to the family members. Nomination details should be verified and if not done, needs to be done without any delay. This list should act as ready recknor at all times.
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Identity crisis

idea posted by Mohammad Bakhsh Project Leader/Managing Consultant
When couple are working,they develop identity crisis.They may discus many things except spendings.This may be due to reasons of giving sermon by each other and so they stay away as long as their life is moving smoothly.But this apart major financial decision must be shared and consensus obtained before parking the money.
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Be honest

idea posted by Shashi Kumar U Manager accounts & commercial
In financial matters keeping anybody in dark is the end of that relation. Be open to your partner be it life partner or business partner, discuss both good and bad and create an healthy and mutually trust worthy relation, only such relation can prosper.
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Its due to lack of communication

idea posted by Asid Front Office Executive
ya right people should discuss everything with the family members.
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to avoid any sort of misunderstanding and conflicts

idea posted by Jitender Kumar MBA/PGDM student
Everyone has there own likes and dislikes regarding financial investments. So if husband prefers to invest in markets but wife wants bank deposits or vice versa , than in order to avoid conflicts or misunderstanding they dont tell there partners about there family finances.They consider the short term consequence of it........
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Its due to lack of Communication

idea posted by Madhu Bhati Corporate HR
I would say..both the partner first develop the communication between them and then they may share the information on finances. But go slow and steady.So communication is must.
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