Arrow Icon
blog header pale blue image blog header abstract shape

Heart of Advice

Insights and best practices for successful financial planning engagement

left arrow Back to All Articles

The Experiences at the Root of How Couples Deal with Money

Emily Koochel August 18, 2022

Updated on: November 3, 2023

In every relationship, communication is key. But all too often, couples are not open with each other about their finances. Then there’s the fact that each partner enters a relationship with differing levels of financial capabilities and knowledge.

Advisors can help uncover these differences by encouraging both partners to engage in open communication during the financial planning process.

Here we’ll take a closer look at how financial infidelity and differing money experiences can impact a relationship.

Tackling Financial Infidelity

Research suggests that financial infidelity is common, with some studies estimating that 27 percent of couples have committed acts of financial infidelity; others put the number closer to 70 percent.1

This type of infidelity can show up in decidedly different ways. According to experts, many of these acts are harmless and not intended to be malicious.2 However, acts of financial infidelity can be deceitful, designed to cover up wrongdoing or avoid conflict. Of course, acts of deception can be more damaging.

A lack of financial transparency in marriage not only undermines the trust in a relationship. It also lessens the opportunity to achieve the deeper level of intimacy that can result from discussing financial decisions and priorities, according to therapist Michelle Jeanfreau.

Examining Financial Socialization

Conversations about money can be emotional. They evoke within us a range of feelings, from vulnerability and shame to power and financial satisfaction. While these conversations may be difficult, they should not be avoided. This is especially true for couples who share living expenses.

Many understand the importance of open financial communication to improve how we manage money. However, very few of us are formally taught how to navigate this complex topic.

It’s more likely that we will learn about finances through observing our family members and friends, as well as our own trial and error. These observed learnings are known as implicit financial socialization.

Evolving Money Values

While researchers say parents are the primary socializing agent when we are children, socialization is not limited to childhood. It’s a lifelong process. We constantly examine, and in some cases refine, our views and values related to money.

For example, we likely place a different value on money at age 22 versus 42. Our experiences and acquired knowledge help inform our financial management, skills, and capabilities.

It’s important to understand that financial socialization is an individual experience. “When partners are joining into a committed relationship, they are each bringing in their own relationship to money, as well as their own interpersonal communication skills, that have been influenced by their personal socialization process.”3

The influences that may be carried forward from childhood create what can be perceived as “normative expectancies.” For example, one partner might come from a family that was open about money, while the other was raised to believe finances should be private. Each one brings distinct views of what is “normal.”

Applying These Insights

For many people, a financial advisor’s office may be the only place they know to seek out financial support. As an advisor, it’s important to define your scope of service and understand your own level of comfort in helping couples navigate these difficult conversations. Should clients require services beyond your scope, consider referring them to a more specialized professional such as a Certified Financial Therapist or Accredited Financial Counselor.​

Gaining a Fresh Perspective

To learn more about helping couples who have financial communication issues, watch the webinar embedded below. Experts Meghaan Lurtz, Ph.D., FBS™, and Megan McCoy, Ph.D., LMFT, AFC®, CFT-I™, join me to discuss financial management considerations for both partners.



1. Garbinsky et al., 2020 & Jeanfreau et al., 2018 in Koochel, E., and M. Lurtz. “Chapter 7: Examining Couple and Family Financial Transparency.” In The Psychology of Financial Planning. Certified Financial Planner Board of Standards, Inc., 2022.

2. Jeanfreau, M.M., C. Holden, and M. Brazeal. “Our Money, My Secrets: Why Married Individuals Commit Financial Infidelity.” Contemporary Family Therapy: An International Journal 42 (1), 2020: 46–54.

3. Koochel, E., N.D. Astle, and M.S. Markham. “Treating Financial Conflict in Couples Through a Bowenian Lens: Applied Financial Socialization and Communication Privacy Theories.” Contemporary Family Therapy: An International Journal 42 (1), 2020: 77–83.

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

Image of Emily Koochel
About the Author

Dr. Emily Koochel is an experienced financial professional, academic, and researcher. She currently serves as a leader for eMoney Advisor’s Financial Education and Wellness initiatives in her role as Manager of Financial Wellness. Dr. Koochel’s PhD in Applied Family Science and Master’s in Financial Planning provide a multidisciplinary lens to inform her work where she focuses on understanding the effect of financial behaviors and financial decision making on personal and financial wellness. She serves as a subject matter expert in the field, reviewing and authoring peer-reviewed journal articles, book chapters, and contributing to public scholarship. Most notably, she served as a co-author for the CFP Board’s book – The Psychology of Financial Planning - and was awarded 2020 Outstanding Research Journal Article of the Year by the Association for Financial Counseling and Planning Education. She holds the Certified Financial Therapist – I designation and is an Accredited Financial Counselor and Behavioral Financial Advisor.

You may also be interested in...

Advisor in meeting with client using financial psychology

What Is Financial Psychology and How Can Financial Advisors Use It?

Financial psychology is becoming an increasingly popular and crucial practice in financial planning. Many financial planners now recognize the need… Read More

empowered client shopping with mobile client portal

Empowering Financial Wellness: How Client Portals Reduce Financial Anxiety and Transform Client Relationships

Feelings of financial insecurity have surged to an all-time high among Americans, with one-third (33 percent) reporting that they do… Read More

Multi-generational family celebrates graduation milestone

Use Accountability to Promote Client Motivation

At the core of creating a successful financial plan is establishing goals that resonate with clients—goals they will be motivated… Read More

eBook: The New Advisor Value Proposition

Download our latest eBook and learn how top advisors are combining Fintech and FinPsych for superior client outcomes.

Download Now

Sign up to have the most popular Heart of Advice posts delivered to your inbox monthly.

Heart of Advice by eMoney Advisors

Welcome to
Heart of Advice

a new source of expert insights for
financial professionals.

Get Started

Tips specific to the eMoney platform can be found in
the eMoney
application, under Help, eMoney Advisor Blog.