If your couple clients are anxious about talking about finances and saving money, they are not alone. A new study by John Hancock, #RelationshipGoals: How Americans are Saving Together, found that 33 percent of couples are anxious about saving money together and that a lack of financial communication skills continues to be a significant problem. In fact, 57 percent of those surveyed reported that they avoid discussing money on a daily or weekly basis. Yes, money silence continues to hinder partners’ ability to work together to achieve a secure financial future. But it appears technology may be helpful.
Eighty-four percent of couples are looking to technology to help them achieve their financial goals. It may make sense to consider using smartphone applications like Twine to help partners engage in regular financial dialogues.
I learned about Twine just a few weeks ago and encourage you to vet it before recommending it to your clients. However, this new collaborative savings application seems promising as it allows busy millennials to identify and monitor their goals together. It is simple and easy to use – trust me – this Gen Xer could easily do it.
One nice aspect of Twine is the #SavingsHacks or tips for motivating and assisting partners with their saving and investing goals. Here are a few of #SavingHacks (along with my two cents worth) to share with your clients.
- Use technology to help couples communicate and stay on the same page with goals.
- Discuss progress in face-to-face meetings where both couples are encouraged to attend. If one partner needs to be on Skype or on the phone then consider this a success!
- Celebrate each baby step the couple makes toward their savings goals. As you know, saving in smaller, consistent amounts is a wonderful strategy that leads to success.
What is your favorite financial app? How do you use it to assist couples in breaking money silence in their lives?