Many of us have heard the term codependency and may be familiar with how it plays out in one’s life. Fewer of us are familiar with the term financial codependency.
Financial codependency occurs when we make the financial needs of others greater than our own financial needs. When we focus on the financial needs of another person, expectations and resentments develop on both sides. Financial codependency can be seen in many different ways in a person’s life.
Typically, financial codependency plays out with family members and can also be seen in relationships with friends or significant others. Among friends, it commonly takes the form of one person continually loaning money to friends and seldom getting paid back. With couples, one partner may concede all the finances to the other and be unaware of their financial status or situation. Typically parents give to their children and may continue this giving pattern well into adulthood. Some parents give until they die, which indicates how large an issue financial codependency can be.