Valentine's Day – give the gift of financial intimacy

Frank Magwegwe, CEO, Momentum Retail.

Traditionally, couples express their love for each other on Valentine’s Day by presenting each other with flowers, and other gifts. According to market research company, Plus 94 Research, the average man will spend a generous R405 on a Valentine’s Day gift for his belle. That is 29% more than the amount women will spend on her significant other, averaged at R286.

As a certified financial planner focusing primarily on the cash-strapped middle-income consumers, I find myself thinking of gifts couples can give each other that are inexpensive and longer lasting. One of the gifts that in fact won’t cost any money is the gift of financial intimacy.

The Oxford Dictionary defines intimate as, ‘involving close connection.’ Therefore, financial intimacy for couples is about having a close financial connection through open and honestly discussions about money and reconciling of their financial priorities and spending habits.

According to a Visa 2012 survey, 10% of South African women in a relationship have a secret bank account that their partner is unaware of. With money at the centre of everything we do, it is not surprising that money is one of the reasons most married couples argue and in fact, it is known to be one of the principal contributors to divorce and break-ups.

My Valentine’s financial advice to couples is that in addition to your chosen gift that won’t stretch your budgets, consider the gift of financial intimacy – openly and mutually sharing what’s going on financially in your lives.

In my experience and career, concerning financial health in relationships, I often see that men and women have significant different perspectives when it comes to money with most women preferring savings and frugality; whilst men are more likely to be the risk takers with money. It appears truth that financial opposites attract.

This Valentine’s Day, couples can give each other the gift of financial intimacy in their relationships through:

1. Acknowledging that sometimes it feels uncomfortable talking about money;
2. Openly discussing each other’s situations, financial habits, and behaviours;
3. Creating a shared financial vision with specific goals;
4. Practicing regular sharing of new financial updates;
5. Gaining awareness and clarity around each other’s money habits and beliefs;
6. Understanding and respecting differences in each other’s view on money; and
7. Seeking the help of a financial planner if needed.

The best gift besides love that couples can give each other to strengthen their relationship and build their future this Valentine’s Day, is the gift of financial intimacy.