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We need to talk about money
Almost one in four Australians in a relationship doesn’t trust their partner when it comes to money, a survey has revealed.
We need to talk about money
Almost one in four Australians in a relationship doesn’t trust their partner when it comes to money, a survey has revealed.
A further 27 per cent of coupled-up individuals consider trusting their partner with money management “depend[ing] on the circumstances”, according to the recently released St.George Family Finances survey.
With economic uncertainties now rife, it would make sense that couples need to be having honest conversations around their financial situation, even when it’s possibly uncomfortable.
The survey highlighted that almost one in 10 people in committed relationships is not open and honest with their partner about debt and their financial situation.
It also found that more than three in 10 coupled-up Australians believe managing personal debt can add an extra level of stress to their relationship.
For Ross Miller, the general manager at St.George Bank, “trust and openness are so important in committed relationships, particularly when it comes to money”.
“Across the board, couples aren’t talking about money nearly enough,” he continued.
“This is a problem because we know that those in debt could see their financial situation snowball, causing potential problems for them and their relationship in the future.
“Being open is particularly important for couples because, ultimately, at some point in their lives, their true financial situation is likely to be revealed.”
He concluded: “Whether it’s problems with credit history when they apply for a home loan, combining household income for a family tax return, or in the unfortunate incidence of getting a divorce, a person’s financial situation can rarely stay secret in a relationship forever.”
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