We like to think of ourselves as laid-back, but Australians aren’t willing to sacrifice financial security for love, a new study has found.
One in five of us consider a lack of ‘family money’ a relationship deal-breaker, while the same percentage believe their partner needs to earn $80k annually for the relationship to be viable, the Mozo research revealed today.
“When it comes to finding and maintaining love, financial compatibility is always important,” Mozo director, Kirsty Lamont said.
“Money tensions are running high in many Australian households with one in four admitting that a disparity in earnings creates a feeling of imbalance in a relationship. A further 20 per cent of Australians admitted financial tensions were the source of a past break up,” she added.
Sky-high debt and sluggish wages aren’t helping the situation, and neither is expensive housing and a growing cost of living.
Sadly, one in three Australians in a relationship say they fight about money at least once a month.
“While you may not be able to change how much you earn or the current state of your bank balance, striving for financial transparency in a great foundation for any relationship.”
Our relationship deal-breakers
Australians are majorly turned off by destructive gambling, booze or smoking spending (80 per cent), followed by lying about finances (77 per cent) and the inability to fund basic necessities (71 per cent).
We’re also not keen on romantic partners lacking in budgeting skills (60 per cent).
Interestingly, men and women’s deal-breakers are also different.
Women are more turned off by a lack of financial independence (70 per cent) than men (40 per cent), and are also more likely to consider a lack of financial goals a deal-breaker (60 per cent). Only 40 per cent of men feel the same way.
Splitting the bill is a tough topic for many first dates and unfortunately is also a deal-breaker for 45 per cent of women but only 25 per cent of men.
However, respondents were united in one thing: the importance of transparency. Most Australians (80 per cent) said they would ask their romantic partner to gain an understanding of their entire financial situation including assets, earnings, debt and bank balance.
“When it comes to love, we’re all looking for different things,” Lamont said.
“While it may be uncomfortable to talk about money, a couple’s approach to finances can play a huge part in the success of your relationship. Whether you’re expecting to have completely separate finances or hoping to build assets with ‘the one’, it’s good to get these things out in the open.”
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