Westpac is encouraging Aussies, including those in Brimbank, to talk about their financial goals this Valentine’s Day, as research from the bank reveals chocolate and teddy bears are out and open money discussions are in for those wanting to maintain a healthy relationship.
According to the research money-related issues cause arguments for 91 per cent of couples, with frivolous purchases 62 per cent the top catalyst for a disagreement followed by financial challenges or concerns 56 per cent.
These outrank spats about social media or phone usage 55 per cent, political views 51 per cent and even past relationships 38 per cent.
While two thirds 65 per cent of Aussies agree that couples who regularly talk about money are more likely to be in a healthy relationship, more than one in five 22 per cent admit they rarely discuss finances with their partner.
Westpac’s Annabel Fribence is encouraging couples to have a healthy conversation about money with their partner this Valentine’s Day.
“Respectful, honest and open conversations are really important in relationships however it appears Aussies still have room to grow when it comes to building confidence around holding discussions about money,” she said.
“In healthy relationships, it’s important both parties know how much money they have and where it is going with an equal contribution to money decisions. This may help alleviate concerns, manage expectations with one another and better set yourselves up for success in achieving your individual and joint aspirations.
The research also found Aussies are more open to discussing private details about their relationship and bedroom behaviours in social settings than they are about their finances, with 89 per cent agreeing they find the subject of money awkward.
When asked what topics they avoid discussing with friends and family, half 50 per cent said they’d rather talk about sex than how much debt they have, 45 per cent would rather reveal their intimate partner tally to a significant other than ask a friend to pick up their share of the bill, and two in five 42 per cent would rather confront a friend about an argument than reveal their salary.
