Alarming levels of financial conflict in relationships
A third of Australians say money is a source of conflict in their relationships, according to NAB (National Australia Bank).
Half of Australians surveyed said they did not continually 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.
A third of couples had one person who solely looked after the finances without any involvement from their partner and 36% said they had quite different financial goals from their partner.
At Heart Financial Advisers, we strongly encourage our clients to be actively engaged with their financial situation, either individually or jointly, and monitor the progress in the achievement of financial goals. Conflict can be eliminated where there is common ground and consensus on goals and the strategies to achieve those goals. There is significant stress and pressure in ordinary life and conflict over money can be simply resolved by having a strong financial plan and relationship with a financial adviser.
Stu Varidel and Your Choice Financial Planning Pty Ltd trading as Heart Financial Advisers are authorised representatives of Sentry Financial Services Pty Ltd AFSL (Australian Financial Services Licence) 286786.
The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any information without considering your personal needs, circumstances, and objectives. We recommend you obtain professional financial advice specific to your circumstances. The views expressed here are not ours. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties who are not related to us. These links are provided for convenience only and do not represent any endorsement or approval by us.