Couples need to know the red flags, beige flags and green flags of their financial relationships because financial struggles can strain or even break romantic relationships.
This is according to Farzana Botha, communications manager at Sanlam Risk and Savings, and Lee Hancox, head of Channel and Segment Marketing at Sanlam.
Botha said that decoding the financial red, beige, and green flags in relationships can be the key to a financially healthy partnership, regardless of whether you are newly weds, been married for many years, long-time partners, or just navigating the dating scene.
“Identifying these is not merely about avoiding pitfalls, but building a foundation of trust and open communication that empowers couples to be financially confident and secure,” Botha said.
Green flags represent the positive indicators that suggest a strong and healthy financial partnership between individuals.
These green flags are crucial for fostering a financially harmonious relationship, which is essential for the overall health and longevity of the partnership.
Botha said that the nurturing green flags can significantly contribute to a resilient and supportive relationship where both partners feel secure and aligned in their financial goals and practises.
According to Hancox, some green flags in a relationship include:
– open and honest communication about finances
– responsible spending
– shared financial goals
– agreed-upon budgets
– understanding each other's financial perspectives
– valuing each other's thoughts about money.
“These indicators demonstrate a healthy approach to managing finances and reflect deeper trust, respect, and cooperation between partners,” Hancox said.
IOL Business