IT’S that time of year when couples are making preparations for Valentine’s Day, and while a dozen long-stemmed roses may go down well on the day, having conversations about money can be the thing that gives your relationship staying power.
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A study by ME Bank confirms what many Australian couples already know – that money is something many of us struggle to talk about.
The survey found 63 per cent of adults are worried about their finances, yet 28 per cent of Australians aren’t comfortable talking about money, and for one in five couples it’s a taboo topic.
As uncomfortable as it may be, having conversations about money can be good for your relationship.
Financial stress consistently rates as one of the key factors contributing to our high rate of relationship breakdown. But according to the survey, among couples who are happy to discuss their finances with each other, 61 per cent rarely or never experience conflict because of money, compared to 34 per cent who consider the subject off-limits.
In my experience, couples who are on the same page in terms of money management are often well-placed to achieve long term financial security.
If you’re broaching the topic of money for the first time, aim to keep things positive.
Try leading in with something as simple as your shared or personal goals. Depending on your life stage that can mean talking about when you’d like to start a family or what you’d like to do when you retire.
The point is to find a common ground you can both agree on and start thinking positively about money and where it can get you.
Paul Clitheroe is a founding director of financial planning firm ipac.
