The most frequent sources of emotional crises caused by finance

Why do finances have such an impact on relationships? Psychologists have proven that we respond to money in a completely different way than to other issues. For many people, money has not only the material value (as a means of payment) but also a symbolic one – it means that they consider money to be a value of itself. For some people, money is actually the proof of someone’s worth or they equate money with happiness.

Anna Daria Nowicka

Our approach to finances is heavily dependent on the patterns we have learned at home, our beliefs, values, our religion, even our personality traits (especially the level of neuroticism vs mental resilience and our level of diligence).

According to Piotr Łabuz, psychologist and expert in financial coaching, the most frequent sources of emotional crises due to finances are caused by:

1. Inability to satisfy your basic needs and/or higher-level needs

Our perception of basic needs can vary significantly. Some people will consider certain foods to be a basic need, others will say it’s a new model of iPhone... If your partner has a completely different perception of what is indispensable for living and what can be given up, then it can be a source of serious problems in your relationship.

2. Fear of getting into debt or going bankrupt

And the threat does not actually need to be real. Your financial standing can be excellent and you can still live in fear of debt. I actually had a client once who had considerable assets in his bank account and several apartments for rent, yet when he lost his job, he was terrified that he would go bankrupt. Even though he could live on his savings for years, which he himself admitted. He couldn’t really explain why he was in such a panic when, objectively speaking, other people could be envious of his financial cushion.