Whenever an individual is meeting with financial planners to discuss their finances and manage them, that person might overlook the fact that their financial situation affects more than just them. Whatever levels of stress and anxiety they have relating to their finances and the potential for that to seriously affect both their mental and physical health, it also has to be membered that other members of their family may be adversely affected too.

Obviously, each person’s circumstances will be different depending on their age, marital status, and domestic situation. Some will be married, living with a partner, they may also have children,  and there are those whose parents live nearby.

In all these circumstances, and any other you might think of, when there is financial stress affecting one member of the family, it can negatively affect them all. This does not just apply to the financial health of the family, but as has been well documented, including in many medical journals and texts, there is a direct correlation between financial stress and poor mental and physical health.

Whilst talking to a financial planner is a great first step in trying to manage your finances, given that their advice and the financial plan they suggest will impact all in your household, you must be open with everyone affected. It is worth mentioning that even the act of sharing concerns with others can bring some relief to those bottling up their worries and concerns about their finances.

As for how you talk to your family about finances, be it yours or there’s it is not a case that one size fits all. In other words, depending on your relationship with each person in your family who may be affected, you should talk to them in a way that best helps reduce their anxiety related to the financial position in question. Below are three examples of what we mean.