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Saturday, 18 November, 2023

Cost of living crisis contributing to couples arguments about money

Cost-of-living crisis ‘contributing to couples’ arguments about money’

That’s according to a survey by Aviva

About a quarter (26%) of couples argue about money at least once a week, according to a survey.

One in eight (12%) said there has been a significant increase in the number of money-related arguments they are having since the cost-of-living crisis started, Aviva found.

Across the survey, one in 20 (5%) couples said they argue with their partner about money on a daily basis.

Some 27% of couples argue about bills and nearly a fifth (18%) quarrel about having too much debt, according to the research, released on Valentine’s Day.

Nearly two-fifths (38%) of people who have a partner or spouse said they have some money put aside that their other half does not know about.

When asked why, nearly a third (32%) of these people said that they want to keep some financial independence, a quarter (25%) want to be able to treat themselves without their partner knowing and 24% said they are saving up to help their children.

Just over a fifth (21%) of those with secret savings said the money is being saved as a precaution in case their relationship breaks down.

About one in six (15%) with money discreetly put away said they need to pay off debt that they have concealed from their partner.

Alistair McQueen, head of savings and retirement at Aviva said: “Hiding savings or concealing debts from your partner can be a huge source of tension, and it can also seriously impede longer-term financial goals and ambitions.

“Being upfront, honest, and transparent about your finances with your partner can help avoid problems in the future.

“Having a general view of how much is being spent each month, along with overall debts or savings across the household can be important when it comes to making decisions about longer term financial objectives like when you can afford to retire, or whether to downsize your home to release some capital to help your children.”

Censuswide surveyed nearly 1,300 people who were in a couple in January 2023 for Aviva.

Separate research, from F&C Investment Trust, found that 46% of people said they would start dating a partner exclusively within a month, but only 15% would disclose their salary to their partner within this timeframe.

Couples were also found to be twice as likely to tell their partner each month that they love them than they were to disclose details about their savings, at 16% versus 8%, according to the survey of 2,000 people carried out by Opinium.

One in 10 (10%) couples set up a joint savings account between two to three years of being in a relationship, the research for F&C Investment Trust indicated.

Published: by Radio NewsHub

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