St George Bank survey reveals 24% of Aussies don’t trust their partner when it comes to managing money

According to St. George Bank’s Family Finances survey nearly a quarter (24%) of Australians don’t trust their partner when it comes to managing money and over a quarter (27%) said that it depends on the circumstances.

The St. George Bank survey also revealed that debt is a taboo topic of conversation in relationships, with almost 1 in 10 people in committed relationships admitting to being dishonest with their partner about debt and their personal finances.

In fact, it appears that when it comes to love, debt can throw a serious spanner in the works, with 16% of the couples surveyed expressing that dealing with debt puts additional strain on their relationship.

Interestingly, the study found that 20% of those surveyed have taken on debt from either a past or current partner and just 10% of those have openly discussed it to find a solution.

But according to St.George Bank General Manager, Ross Miller, the truth always comes out.

“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,” Miller said. 

RELATED ARTICLE: Australia’s biggest financial relationship deal breakers

“Trust and openness are so important in committed relationships, particularly when it comes to money,” said Miller.

“From this study, we found that across the board, couples aren’t talking about money nearly enough.”

If debt rocking is the boat in your relationship then it might be time to start considering the different options available, such as debt consolidation loans to help you clear that lingering debt once and for all.

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Tips for having the money talk with your partner:

Don’t let bad money habits sink your relationship. Here are some top tips from our Mozo money experts to help you have the “money talk” with your partner.

  • Stop pointing the finger: Nobody likes being accused of doing the wrong things, especially when it comes to matters around money. Make sure to approach the subject in a calm and collected way and be careful of your choice of words so you can avoid an argument. Be open-minded and empathise with both sides of the situation.
  • Trust is a two-way street: You can’t expect your partner to tell you all the nitty-gritty details of their finances if yours are off-limits. That’s not to say you should necessarily share every minute detail with one another right from the get-go, but, if you want your partner to be open about their financial situation then it’s only fair that you be open too.
  • Work as a team: If your partner comes to you with financial concerns, like say, they’re struggling to keep up with car loan repayments or are filled the brim with credit card debt, then try to offer a helping hand and work together as a team to find a solution. Sit down together and create a budget, or come up with a plan to work towards ditching the debt.
  • Patience is a virtue: If you’re super savvy-saver or pro-budgeter but your partner is set in their ways and (in your books) has a thing or two to learn, don’t get yourself all wound up about trying to ‘enlighten them’. Different strokes for different folks - we all have our way of doing things. But if your partner really does need some direction, give it to them with love and be patient! Take it one day at a time.

St. George Bank offers a helping hand to customers impacted by COVID-19:

The need for open and honest communication around money to take place in relationships has only become more vital with the current coronavirus outbreak.

“As we face into the COVID-19 pandemic I would encourage everyone to discuss their finances as a family and seek help from your bank when you need it,” Miller said.

In light of the coronavirus pandemic, St. George Bank is now offering a range of assistance options to customers affected by COVID-19, including, six months relief on home loan repayments.

Miller urges people to work with a personal banker either in-branch or over the phone to determine a solution to structuring your bank accounts and any debt you might have. 

“A banker can help you to track your spending, consolidate your debt and possibly reduce your loan or credit card repayments so you can work towards your financial goals openly and honestly,” said Miller.

“They will also be able to provide you tailored support as a result of the pandemic based on your individual needs.”

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