On Wednesday, Feb. 11 in Valhalla, “The Money Couple,” Scott and Bethany Palmer, gave a presentation on how money affects relationships today and provided suggestions for not letting money become a source of conflict between couples. They have written several books, have been interviewed on Fox & Friends, CBS and Good Morning America and have had over 22 years of experience in financial planning and counseling.
The duo presented a shocking statistic: there is a 50 percent divorce rate in the United States, and 70 percent of these divorces are because of financial issues within the marriages, according to The Washington Post. They claimed that although having a differing money personality than your significant other can surely cause friction within a relationship, simply just being aware of these personalities can actually save couples from financial turmoil.
The Palmers argue that there are three “truths” when it comes to money. The first truth is that money decisions are made every day. Whether it’s which type of groceries bought or whether one walks or drives to campus, money decisions are inevitable in everyday lives.
The second money truth that they presented was that each person has two of the five money personalities. The five money personalities as presented were the saver, the spender, the security-seeker, the risk-taker and the flyer.
Savers don’t just like to save money for themselves, but they enjoy and get excited about others saving money, as well. The “saving” aspect of purchasing provides a source of extreme excitement for them.
Spenders, on the other hand, are the total opposite of the savers. The first thing on their mind is that they are willing to spend money, no matter the price.
Security seekers are always looking into the future when purchasing items, and they always have a plan in mind. They don’t mind spending a lot for an item if it is quality and will last a long time.
Risk takers are the entrepreneurs of the world; they are willing to take a risk if it means they could possibly obtain lots of money later on.
Lastly, the flyers are people who “fly by the seat of their pants” when it comes to money. They aren’t concerned with price. Their main concern is the relationships or experiences that purchasing provides.
After examining these five personalities, they presented the third and final money truth: 79 percent of people, which happens to be 60,000, who took their online money personality survey had the opposite dynamic, meaning that if their primary money personality was a saver, their second money personality would be one on the opposite side of the spectrum (i.e. a spender, risk-taker, or flyer).