Third of Aussies report financial conflict in relationships
One in three Australians say money is a source of conflict in their relationships, according to NAB.
Half of Australians surveyed said they didn’t regularly look at their finances and stress was particularly prevalent among young men.
NAB surveyed over 2,000 people and found 53% of men aged 18-29 said money caused stress in their relationship and 44% of men in this age bracket said their partner managed all their finances.
Some 30% of couples had one person who solely looked after the finances without any involvement from their partner and 36% said they had very different financial goals from their partner.
NAB recommended Australians sat down on a monthly basis to get familiar with their financial situation, either individually or with their partner, by checking incoming and outgoings and the progress of financial goals.
Lissy Abrahams, psychotherapist, said: “While money is one of the hardest topics to talk about, particularly when in a relationship, it is one of the most important. The more we understand where our money beliefs and behaviours have come from, and our partner’s, the better our relationship with money and each other will be.
“It can be daunting to take the first step, but it’s really beneficial long term for your financial wellbeing and the wellbeing of your relationships.”
AUTHOR
Laura Dew
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
