Why couples should be open to discussing money

Jessica Fenol, ABS-CBN News

Posted at Nov 10 2017 01:48 PM

MANILA - Filipino couples who plan their finances together have a more positive outlook, highlighting the need to break traditional gender roles when it comes to money.

According to Pru Life UK's relationship index, 89 percent of couples who plan together expect their finances to improve in the next 5 years compared to 74 percent for those who don't.

"The facts speak for themselves, couples who plan their finances together show much higher relationship scores with their partners than those who plan separately," Pru Life UK Chief Marketing Officer Allan Tumbaga said.

The study also noted the almost half of the respondents or 47 percent argue about money, underscroing the need for financial education. 

Tumbaga said Filipinos should “start real conversations that lead to relationships and a better understanding of financial planning.

In Philippine culture, the wife usually handles the family's finances.

"Some people have traditional view of marriage, where only one earns and the other take care of the house. The important thing is to support each other and talk about it," psychologist Margie Holmes said.

Nearly half or 47 percent of respondents in the Pru Life study worry about the financial stability of their families. Forty percent attend to the needs of elderly family members.

The study also showed that 75 percent worry about their retirement, 87 percent plan to rely on savings while only 36 percent are counting on the government for pension benefits.

Thirsty-six percent of Filipinos plan to work to support themselves in old age, the study said.

Filipinos in relationships also prioritize financial security with 59 percent planning to start a business and 45 percent preparing for their children’s education, the study said.

TV personality and entrepreneur RJ Lesdema recommends identifying regular family expenses and investing.