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[ad_1] What Is Financial Infidelity and Why Does It Matter? In a survey about how money matters in relationships, we asked both men and women if they’d ever broken up with someone over money. Around a quarter of respondents said they had, while around a fifth said someone had broken up with them over financial matters. Clearly, financial factors can create friction in relationships—and that’s true whether or not someone breaks up over these issues. According to a poll conducted by the Association of International Certified Professional Accountants, almost 70% of Americans who were married or living with a partner said they’d fought about money with their significant other within the past 12 months.   With money a stressor in relationships, it’s not surprising that financial infidelity sometimes occurs. Find out more about financial infidelity and the role finances play in relationships below. In This Piece How Are Finances Important to Relationships? What Is Financial Infidelity? Does Financial Infidelity Signal the End of Your Relationship? Avoid Financial Infidelity How Are Finances Important to Relationships? People often shy away from the importance of finances in a marriage or other relationship because they don’t want to seem materialistic or as if they’re putting money and things before their significant other. In reality, though, finances are critically important because they can provide stability—or take it away, as the case may be. Being honest with each other about finances and working together transparently for future financial goals builds trust and helps the entire marriage or relationship succeed. Some things that might be important to financial fidelity in a relationship include: Being honest about income. Even if you don’t put all your money in a joint account together, being honest about your incomes can be important. Hiding that you make substantially more, so you can keep money to yourself is a form of financial infidelity in marriage. Instead, consider coming clean about the income and working together to come up with a fair way to treat the budget if you don’t want a complete “what’s mine is theirs” relationship.  Working together on budgeting. Create a shared budget and stick to it. This is especially important if you put all your funds together and treat them as the same. If you don’t do that, decide what expenses you’ll cover together, and always honor your part of that agreement before you spend on or save for yourself.  Maintaining transparency about spending. Be honest about what you spend and how, especially if you’re sharing accounts. Don’t hide packages or things you bought from each other or downplay what something costs because you know the other person might be upset about it. When making big purchases, talk to each other beforehand.  Deciding together on frivolous expenditures. Make a budget for frivolous spending or a no-questions-asked cash budget. For example, maybe you each get $50 a week in cash to do whatever you want with. If you like expensive coffees or want to eat out and your spouse doesn’t see the value in that, you can use your fun money for it without feeling like you have to hide it. Agreeing to debt and other major decisions together. Don’t incur debt the other person doesn’t know about, and make large financial decisions together whenever possible.  What Is Financial Infidelity? Financial infidelity occurs when you lie about money matters to each other in a relationship where there’s an expectation that you won’t. Usually this is possible when a couple shares finances, but it’s also possible even if you keep your finances separate and are dishonest about things.  A few examples of financial infidelity include: Incurring debt and hiding it from the other person Not paying a bill but telling the other person you did Buying something in secret you know the other person wouldn’t approve of, especially if it’s expensive Hiding money from the other person, such as opening a savings account in your name only to funnel money into Signs of Financial Infidelity If you’re worried that financial infidelity is at play in your relationship, consider the following common signs: The other person gets anxious or angry, seemingly for no reason, when the subject of money comes up There are larger-than-normal cash withdrawals on any of your accounts You haven’t seen a credit card or bank statement in a while and the other person makes excuses whenever that comes up The other person makes it difficult or impossible for you to log into online credit card or bank accounts The other person always tries to get to the mail before you and doesn’t show you all the mail You find potentially expensive items in your home, and you’re not sure where they came from or when they were purchased You or your spouse is denied credit based on high debt-to-income ratios or credit utilization, but you weren’t aware that you had a lot of debt Does Financial Infidelity Signal the End of Your Relationship? Whether you should break up with someone or ask for a divorce based on financial infidelity is a personal choice, and one that probably should take into account many other factors. According to our survey, men are slightly more likely to initiate a breakup over financial issues, with almost 30% saying they had, compared to close to 23% of females. Age also seems to play a role. Almost 30% of those aged 25 to 34 say they’ve broken up with someone over finances, and just over 30% of those aged 35 to 49 said the same. For people aged 50 to 64 and 18 to 24, the number drops to less than 15%, and for those over age 65, only around 6% said they had broken up with someone for these reasons. Avoid Financial Infidelity Couples know they have to work on issues like communication and intimacy. But they often don’t realize they should put the same effort into working on finances together. Start today by being open and honest about money. Consider signing up for your free credit scores

[ad_1] We often think of retirement as a time when we should preserve our wealth, instead of building an impressive credit score. While this may be the case in some instances, as a majority of retirees often scale down on their borrowing, keeping your credit score high during retirement can be beneficial for a variety of reasons. It tends to differ from person to person.  credit score during retirement By most standards, a higher credit score is quite impressive. It’s often true that older or retired consumers tend to have a strong credit score by the time they reach 60 years.  According to data polled by American Express, the average FICO credit score in the U.S. rose to 711 as of July 2022. On average, those aged 60 and up had an average credit score of 749 in 2019, well above the national average of 703 in the same year.  For younger borrowers, those in their twenties, their average credit score was lower at 662.  Consumer behavior has since changed dramatically, and alongside this so have economic conditions. In recent months, red-hot inflation and soaring interest rates have led many consumers to turn to credit lenders to stay financially committed as the soaring cost of living is eating away at their disposable income.  Retiring now is becoming harder, and more expensive. And for those who will be stepping out of the workforce in the coming years, maintaining a good and healthy credit score means we get to reap the advantages as we age.  Maintain Your Credit Score  One of the biggest mistakes retirees often make is thinking that once they have reached a certain age, they no longer need to maintain their credit score, even if they don’t plan on borrowing money in the near future.  While this may be true, it’s important to maintain your credit score throughout retirement. The reasons are plentiful, but there are cases where retirees are looking to downsize or change insurance plans due to downsizing or other personal matters.  In these instances, having an impressive credit score means that you can secure a more affordable mortgage or repayment structure with your lender. Additionally, some insurance premiums tend to come down once you have reached retirement. A high credit score can also have an impact on this.  Make Use of Credit Accounts It’s common for retirees to start making less use of their credit card accounts due to the nature of their spending habits. And while this may not be the case across the spectrum, closing a credit card account, or using it less frequently means that your credit score can be impacted in the long run.  Non-use will often lead to credit distributors closing accounts due to the lack of activity. More so, the account may not even be calculated into your credit score because of insufficient account use.  It’s important to know that the length of your credit history can represent almost 15% of your overall credit score. In the absence of a history, you can quickly become penalized. Consider using your credit card for smaller expenses, rather than paying off debt, or outstanding balances with it.  Keep Track of Accounts and Credit Reports  The widespread adoption of technology has now brought on large-scale cyber crimes that often target older consumers due to their lack of technological knowledge and skills.  Monitoring your credit reports helps you to see whether you have become a victim of credit or identity theft, or perhaps have undergone some form of cyber financial crime.  Additionally, your credit reports can also indicate any possible errors that may have been incurred on your account. While it may seem like something small, in the long term, it can have a damaging effect on your credit score. It’s advised to check your credit report at least quarterly or make use of checking at least three times per year.  Keep a Low Balance  Make sure that you keep your credit balances low, and a good way to do this is by keeping your credit limit at 30% of your total credit.  The reason for this is that lenders often monitor how often you use your credit accounts, which is referred to as a utilization rate. Keeping the account active, and paying off balances monthly will help maintain a good utilization rate.  While this strategy is found to work the best, especially for retirees, it helps to know that you won’t experience any interest charges if your utilization rate is lower than usual.  Avoid Co-signing  As a retiree, you might have found yourself being asked to co-sign a friend or family member to help them secure a credit account or credit card. While we tend to think we’re helping them, which we often do, it ends up turning out more expensive for us retirees.  Having to co-sign makes you just as financially liable for the debt. It can directly impact a credit score and finances in the unlikely event that the person is unable to make repayments or requests refinancing.  The best thing to do in this situation is to add the person as an authorized user on your account which does minimize the chances of you having to sit with higher costs and a lower credit score.  The Bottom Line  Maintaining an impressive credit score during retirement is a lot easier and less complex than one might think. It takes a bit of time to get used to not having to need your credit accounts so often. But in these cases, it’s important to monitor your credit reports throughout the year and keep your credit accounts open for as long as possible.  Although you might not use these accounts as often as you did, keep in mind that keeping your impressive credit scores means taking care of it, even if you retire. There will be a time when you need to make use of it. When that day comes, you want to be sure that you are set and ready to enjoy

[ad_1] Did you know that financial behaviors are set by age seven? Even if a student is receiving a financial literacy education in school, they’re likely not learning important lessons like budgeting, saving, investing, and managing income until high school. By then, they’re already facing tough decisions about how to spend their first paycheck and determining how to afford higher education.  Financial Literacy Activities There’s many questions parents will ask themselves: When should kids get a debit card? When should we start talking about saving for college? Do they know how to safely spend what they earn? How can I demonstrate healthy financial behaviors?  Money can be difficult to talk about, especially when it can feel like the financial landscape is ever-changing with digital currency and economic uncertainty. However, there are many ways to introduce financial concepts to students of all ages in a fun and relatable way. Some of the best lessons, and most memorable, can be done right at home in ways easier than you’d think.  Scavenger Hunt: Understanding Needs vs Wants One of the first, and most important, financial lessons we can learn is the difference between needs and wants. When budgeting, it’s important to first allocate money to shelter, food, utilities, medicine, and other needs.  The movie you saw last weekend? An extra treat while grocery shopping? These are our wants. The best way to explore the difference is to practice with real-life memories or things in your own home.  Which is more important: vitamins or a new toy? A blanket for the winter or candy at the movies? If you use it everyday in your home, it’s likely a need.  It’s important to start viewing what we purchase as priorities or not. You can start by having them find items around the house to sort as needs or wants, asking if you need or want something at the grocery store, and sharing your own needs or wants. You need to pay for shelter, and once that is paid for, then we can buy movie tickets.  Meet the SuperSquad: The Online Game Worth the Screen Time One of the best ways to get students and kids excited about learning is to meet them where they are, align with their own interests, and give them the freedom to explore making different decisions.  Visit $uperSquad financial literacy game for kids to make a free account, and have your K-6 student explore modules, games, and choose-your-own-adventure learning to learn the value of saving, responsible borrowing, how banks and the economy work, and much more.  With new modules and lessons on the way, spending decisions and financial lessons are learned through real-world scenarios. Students can make different decisions and explore how different choices enable different purchases or outcomes.  Save with a Bank: Learning the Value of Saving One way to start teaching financial literacy at home is by setting up a “pretend” bank account. This can be done with a simple piggy bank or even an empty mason jar. Every time your child earns money through allowance, chores, or gifts, have them deposit it into their “bank.” Once  they’ve saved up enough, they can make withdrawals for items they want to purchase. If they’ve completed the $uperSquad’s banking lesson, they’ll know all about why it’s important to use a bank and not stuff their money under a mattress.  This will help them understand the concept of delayed gratification and that money doesn’t grow on trees! Saving empowers new financial decisions–the sooner we can demonstrate the value it has on financial health, the more inspired they’ll be to put it into practice and explore it further.  A Lesson for a Lifetime: Discuss Your Own Budgeting A budget is a great starting point once they understand the value of money and how to decide between needs and wants. Another activity you can do is create a “family budget.” Sit down with your child and discuss your family’s regular income and expenses. Help them understand that there is a limit to what you can spend each month and that some of your income needs to go towards savings or investments. You can also involve your child in the decision-making process when it comes to big purchases.  For example, if you’re debating whether or not to buy a new car, have your child research the pros and cons with you. This will teach them about the importance of being an informed consumer. It’ll also show them the power of saving–and that big purchases are big decisions.  Influence on Spending: Advertisements Are Everywhere Advertising and marketing change a lot of our spending habits. Kids are more exposed to ads and promotions than we may realize.  Next time they ask for something, ask them where they heard of it. It’ll likely be from an ad they saw. Start pointing out together different kinds of advertisements: billboards, coupons, magazines, TV, radio, social media, YouTube, and more.  Seeing an ad can be tempting, but once they know they are trying to change the way we spend, we can share that they shouldn’t influence how we spend. Our budget is still the same, but we can pivot what we’re saving for.  Vending Machine: An At-Home Way to Learn What “Cost” Really Means Create your own vending machine or store with items in your house. Decide how much each item costs, make labels or price tags if you like, and then practice different ways of adding up paper money and coins to “purchase” the items.  In a real store, try to guess how much items cost before looking at their price tags. See if you can put them in order from least to most expensive. Then check to see if you were right, and discuss any surprises. There’s no one right way to begin teaching the value of money–only the right time. And that time should be today. The earlier we begin teaching, introducing, and practicing healthy financial skills, the more promising a financially fit future we can build

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[ad_1] The official appointment by the Singapore FinTech Association (SFA) and the Buy Now, Pay Later (BNPL) Working Group involves Experian’s technological infrastructure to facilitate creditworthiness checks for consumers with users’ credit information submitted by all accredited BNPL players in Singapore. Formed by SFA and industry players including Atome, Grab Financial Group and ShopBack, the BNPL Working Group has also launched its BNPL Code of Conduct to protect consumers and ensure that BNPL offerings will continue to benefit the ecosystem SINGAPORE, 24 November 2022: Experian – a leading global information services company – has announced its official appointment by the Singapore FinTech Association (SFA) and the Buy Now, Pay Later (BNPL) Working Group as the bureau operator for Singapore’s BNPL Working Group. The appointment involves Experian’s leading global expertise to operate the BNPL bureau in Singapore with all accredited BNPL players sharing users’ credit information – such as outstanding BNPL balances, missed payments and delinquencies – to facilitate creditworthiness checks by Experian. The information will be leveraged by accredited BNPL players in providing BNPL services in accordance with the recently announced BNPL Code of Conduct.  The BNPL Code of Conduct was launched on 20 October 2022 by the BNPL Working Group, which was formed by SFA and industry players including Atome, Grab Financial Group and ShopBack. The Code of Conduct sets out guidance for BNPL service providers in Singapore to protect consumers and ensure that BNPL offerings will continue to benefit the ecosystem. “We are very excited to be appointed by BNPL Working Group to provide the technological infrastructure for the BNPL Working Group and showcase Experian’s technology and expertise in the field. We’ve been operating BNPL bureaus in the United States and the United Kingdom, and this would be the first step in bringing our global expertise into the region,” said Maria Liu, Managing Director, Experian Greater China and SEA. “The launch of the BNPL Code, which sets out clear guidelines and standards for consumer protection, represents a significant step forward within the industry to ensure that BNPL offerings continue to benefit the ecosystem. To succeed in our mandate, we recognise the importance of working with different facets of the industry, which is why we are delighted to partner with Experian to facilitate creditworthiness checks for consumers and ensure that consumers’ interests continue to be prioritised,” said Mr Shadab Taiyabi, President of SFA. Kabir Khanna, General Manager, Experian Credit Services Singapore added, “Advocating for consumer affordability has always been at the core of our business and we are looking forward to working closely with SFA to tackle the issue of credit stacking among BNPL users. Along with the BNPL Code of Conduct, we believe that this will safeguard our consumers against credit risks and foster greater trust and transparency between BNPL providers and the customers they serve.” Moving forward, Experian looks to roll out a series of knowledge sharing engagements for all accredited BNPL players in Singapore. This aims to bring global best practices from Experian’s BNPL bureau in the United States and the United Kingdom to Singapore and the region.  -ENDS- About Experian Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime. We have 20,600 people operating across 43 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index. Learn more at experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group. About Singapore FinTech Association The Singapore FinTech Association (SFA) is a cross-industry non-profit organisation. Its purpose is to support the development of the FinTech industry in Singapore and facilitate collaboration among the participants and stakeholders. The SFA is a member-based organisation with over 800+ members. It represents the full range of stakeholders in the FinTech industry, from early-stage innovative companies to large financial players and service providers. To further its purpose, the SFA also partners with institutions and associations from Singapore and globally to cooperate on initiatives relating to the FinTech industry. Well-connected globally, the SFA has signed over 70 international Memorandum of Understanding (MoU) to lay the network for its members and ecosystem. For more information, please visit https://singaporefintech.org/. [ad_2]