Money is driving conflict, secrets and stress among Australian couples, according to new research from MyState Bank, which is urging all Australian couples to devote more time to working together on their finances this Valentine’s Day.
The Love and Money Survey was commissioned by MyState Bank and surveyed over 1000 people in a relationship. While 62% of respondents say they discuss their finances with their partner at least monthly, 8% of respondents have never discussed their finances with their partner.
Commenting on the findings, Heather McGovern, MyState General Manager of Digital and Marketing said: “If you and your partner find yourselves fighting about money, you’re certainly not alone. The MyState Bank Love and Money Survey reveals that most couples (55%) experience conflict and stress at least once a year and 19% of couples experience conflict and stress with their partner on a monthly basis.
“MyState Bank would love all Aussie couples to take positive steps this Valentine’s Day when it comes to their finances. Reducing stress and conflict caused by money worries can be as easy as sitting down with your partner and being open and honest about your financial situation and goals for the future.”
The MyState Bank research also revealed that in many relationships one person is a saver and the other a spender, which can also lead to conflict. The survey found that 71% of respondents classified themselves as a ‘saver’ while also classifying their partners as savers in 52% of cases.
Almost one in three Australians in a relationship (29%) admit that they have kept a financial secret from their partner and 32% have lied to their partner about the price of a purchase.
The MyState Bank Love and Money Survey also found:
Notes on research:
Nationally representative survey conducted by PureProfile of 1,000 Australians in a relationship between 3 and 7 February 2020.