Money is a common source of conflict among Australians, with more than half of Australian couples (52%) arguing about money-related issues, according to finder.com.au.
The survey of 1,541 Australians asked respondents how often they argue with their partner about finances, and found 7% of couples have weekly quarrels about money.
A further one in six (16%) have a row with their partner every two to four weeks, while 18% argue about money every three to six months.
Eleven per cent argue about money once a year.
Interestingly, just under half of couples (49%) claim to never argue about money.
Bessie Hassan, Money Expert at finder.com.au, says money issues can put strain on a relationship.
“Money conversations can be emotionally-charged as our ability to manage personal finances can greatly affect our livelihood.
“From falling behind on bills to blowing out a budget to making impulse purchases, there are many things that can lead to heated conversations,” she says.
Ms Hassan says tension may arise when couples have different attitudes towards money, shaped by their upbringing and life experiences.
“Different attitudes and behaviours can lead to blame and resentment if couples aren’t on the same page.
“If you regularly talk to one another about money goals and expectations, when a money issue arises, you’ll be more likely to resolve it logically and rationally.
“Talk to your partner about how you’ll manage joint accounts, how you’ll work towards your saving goal, and how you’ll manage repayment plans for ongoing debts such as personal loans or credit cards.
“Have a regular ‘check in’ where you sit down and review your finances to make sure everything adds up, and always plan for contingencies by having a savings buffer in place.
“Transparency is key to making it work,” Ms Hassan says.
You can compare joint bank accounts online to see which one will help you reach your financial goals.
- Young Generation Y couples argue the most about money, with 12% admitting they fight weekly about finances, compared to only 8% of Generation X and 2% of Baby Boomers.
- Almost two thirds of Baby Boomers claim to never argue about money, compared to 44% of Generation X and 40% of Millennials.
State by state:
South Australians argue the least of any state with 60% never arguing about money, while those couples from New South Wales argue the most of any state with only 46% of couples not arguing about money.
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