The Weight of Managing Family Finances

The Weight of Managing Family Finances: A Shared Responsibility

Are You the Money Person in Your Household?

As someone whose job is to help others grow their wealth and manage their money effectively, you might think that financial advisers and wealth coaches like myself would be immune to the pressures of handling our own family’s finances. But the truth is, the stakes feel even higher when it’s personal.

There’s a unique pressure that comes with being the "money person" in your household, especially when it's literally your job to be good at it. The fear of failing my family financially—despite helping clients navigate their financial lives every day—was overwhelming and a heavy weight to carry. What if I let them down? How will I feel if I can’t deliver for the ones I love most? What will other people think?

In many couples, the day-to-day management of finances naturally falls on one person. For safety and security reasons—because having your own money or access to money gives you choices—we often emphasise the importance of both partners having oversight and shared financial responsibilities. And while this is a critical aspect, there’s another reason why shared financial responsibility is so important—because managing money for your family is hard! It’s a lot of responsibility and pressure to manage on your own, and if you have good intentions for your family, that pressure can weigh you down. Trust me, I know!

For those of us who take on this responsibility, it’s not just about making sure the bills are paid, and the savings grow—it’s about feeling the weight of the family's financial future on our shoulders. And that can be a lot to carry.

But it doesn’t have to be this way. By sharing the management and decision making of finances with your partner, you can distribute the burden, the pressure, and yes, even the excitement that comes with seeing your plans come to fruition. When both partners are involved, you create a more secure and balanced financial life, where no one feels like they’re shouldering the entire load alone.

Let’s start talking more openly about the pressures that come with managing family finances and the importance of sharing that responsibility—not just for safety, but for our well-being.