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Finances often serve as a significant source of discord in relationships. Research from Relationships Australia indicates that monetary issues have recently exerted pressure on 20% of couples.

Confronting severe financial stress and the unpredictability of the future while grappling with bill payments can exacerbate the usual strain on intimate relationships. Job loss or insufficient employment for one or both partners can lead to a cascade of negative emotions—grief, loss, sadness, anger, anxiety, helplessness, and guilt—which inevitably seep into the relationship.

How Do Children Experience Financial Stress?

Financial stress reverberates throughout the entire family, not sparing the youngest members. Although job searching, long working hours, and bill payments are adult concerns, children often bear this burden.
Material deprivation, defined as the lack of essential items needed for full societal participation—such as warm clothing, internet access, dental care, medicine, and hobbies—is a financial hardship that significantly impacts children. This deprivation fosters a sense of shame, and children lacking access to three or more essential items report lower overall well-being. Their social inclusion is particularly affected, as they feel excluded from their peer groups.
Food insecurity compounds this stigma and shame, affecting children’s health and educational outcomes. The Australian Institute of Family Studies found that children facing food insecurity are more prone to obesity, which can lead to chronic health issues in adulthood. Academic performance and behaviour also deteriorate when children miss meals, as they lack the energy to learn and excel in school.

Even without experiencing food insecurity or material deprivation, children can still feel the effects of financial hardship. Disrupted routines and home life due to parents working longer hours or the spillover of parental stress can negatively impact them.

How to Cope with Financial Stress in a Relationship or as a Family

Given the profound strain financial problems can place on relationships, it’s crucial to implement strategies to protect ourselves and our families proactively.

Conflict and Children

For parents under financial pressure, it’s essential to shield children from escalating or prolonged verbal conflicts, which can harm their mental health and well-being. Commit to resolving disputes away from children’s ears.

Depending on the child’s age, discussing the situation with them might be beneficial. Keep explanations age-appropriate: tell primary school children that money is being saved for bills. At the same time, teenagers can be given more details, using the opportunity to teach them about the value of money.

Communicate and Work Together

Clear communication becomes paramount during stressful times to maintain a balanced and supportive relationship. Lean on each other for support and be willing to listen without judgment.

Resist the urge to withdraw from those closest to you or to handle problems solo. Involving your partner can provide mutual support and prevent feelings of isolation.

Keep a Healthy Mind and Body

Maintaining healthier choices during times of financial stress can benefit every family member. Regularly exercise, eat nutritious meals together, and plan outdoor activities like walks to the park or playing in the backyard. If you’re struggling to provide food, seeking help from organizations such as Foodbank is a wise and commendable step.

Although it may be challenging to find balance and perspective, take time to reflect on the importance of your loved ones and cherish them in small ways.

Reach Out For Help

Prolonged job searching can erode self-confidence and lead to feelings of defeat. For job opportunities and support, reach out to former colleagues, supervisors, contacts, industry organizations, recruitment agencies, and job services.

Unexpected and sudden financial changes can leave us floundering. If your relationship is suffering or if you consistently feel distressed, sad, or anxious about your situation, it’s crucial to seek couples counselling in London.