Money Arguments: The cause, the fix, and the role of the Financial Planner

Faulmann, Simone

Money Arguments: The cause, the fix, and the role of the Financial Planner

Thesis / Dissertation

2023

Abstract

There is much research within the field of financial conflict between couples; the available research conducted is as a result of the severity of such differences, which oftentimes result in irreconcilable arguments pertaining to money – and in some cases lead to the separation of couples as well as divorce. However, there is not much research into how couples solve their financial arguments. Counselling and financial therapy is still emerging in South Africa and therefore there may be a role for financial planners to assist. Financial planners are becoming more discerning and therefore may be positioned to assist their clients with more than their finances, especially money arguments. This research aims to identify how couples solve their money arguments and whether there is an opportunity for financial planners to assist in this regard. The research will also aim to establish whether there is a possible role for financial planners in this field. This study was completed by purposefully sampling and interviewing seven couples (comprising of 14 individuals) who were already engaging with a financial planner. These interviews were semi-structured, transcribed, and analysed using Thematic Analysis. It was found that the main cause of money arguments and the way couples solve money arguments are via good communication, shared financial goals, and thorough financial planning, including short-term and long-term budgeting. Furthermore, clients are willing for their financial planners to assist them with their money arguments. This will aid couples in resolving their money arguments. However, it is important that clients have a trustworthy relationship with their financial planners. It was found that the greater the level of trust between the client and the financial planner, the greater the willingness to accept assistance. In order to assist, however, financial planners may require further training or additional formal education in this field. Further research in this area could assist in decreasing the prevalence of financial arguments and lowering the risk of divorce.

Keywords

Commerce

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Masters

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