During uncertain times, arguments about money occur among family members, which for some leads to divorce and separation. This episode with E. Jeffrey Hill will help you understand why discussing money or financial matters with your family is necessary.
Jeffrey Hill, Ph.D., CFLE, is a professor of Family Life at Brigham Young University. He teaches classes in family finance to about 1200 students per year. Also, Jeffrey has written more than 100 scholarly articles, book chapters, and books.
Additionally, he has recently published Fundamentals of Family Finance: Living Joyfully Within Your Means, a book about finances and being a wise financial steward.
In this podcast episode hosted by Dina Sargeant, Jeffrey cited that in the United States, the second leading cause of divorce is difficulty with finances. Arguments, conflict, and stress are formed due to finance-related issues. He also said that self-centeredness and lack of impulse control add difficulty in managing family finances.
According to Jeffrey, the principles of equal partnership and trust are essential for successful family finance, including spouses having equal access to money and involving children. Parents should give their children a chance to have money and let them make decisions.
Although discussing family finances can be difficult, it is a way to have a successful relationship. Open communication about money with your family members promotes trust and prevents self-centeredness.
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