Don’t Bank on Love to Pay the Bills
In the latest MoneySmart study, discover why at least 2 in 5 Hong Kongers have had relationships breakdown due to money disputes and get expert tips on resolving financial conflicts.
The Top 5 Reasons Couples Argue About Money
Money disagreements can significantly strain relationships. To understand the root causes, we delved into what couples most frequently argue about regarding finances. Here are the primary triggers of these disputes:
How Honest Are Couples When it Comes to Money?
Couples share everything, right? Our study revealed that 63% of Hong Kong adults believe that their partner is transparent about their finances. However, it turns out that many couples may actually struggle to be completely honest about their finances.
This is despite the fact that nearly half 50% would consider their partner dishonest if they lied about their finances, income or debts, and 37% saying that they would never forgive their partner for such deception.
The Importance of Talking About Money
Many relationships end due to money disagreements, making it crucial that couples are able to discuss finances without conflict. However, our findings show that
However, those who are able to discuss finances openly with their partner, benefitted greatly.
Couples who tackled financial topics early on saw positive outcomes, with 76% believe that talking about money with their partner makes their relationship more secure. A notable 55% highlighted that the more frequently they and their partner talk about money, the better their relationship gets. Furthermore, 64% stated that discussing finances early in the relationship helped avoid future issues.
5 Tips For Talking About Money As a Couple from Iwa Hensarling
Iwa is a seasoned relationship coach at Frolic for Life with over 15 years of experience guiding individuals and couples to build strong and fulfilling relationships.
Tip #1. Start Early
Begin discussions about finances early in the relationship, ideally before making any significant commitments or financial decisions together.
Tip #2.Create a Safe Space
Ensure that conversations about money are held in a non-judgmental, open, and honest environment. Acknowledge that it can be a sensitive topic and approach it with care and understanding.
Tip #3. Be Transparent
Share your financial situations transparently, including incomes, debts, savings, financial obligations, and credit scores. This honesty will help both partners understand the complete financial picture and plan accordingly.
Tip #4. Set Mutual Goals
Discuss and align on your short-term and long-term financial goals. Whether it’s saving for a vacation, buying a home, or planning for retirement, having shared goals can motivate you and strengthen your bond.
Tip #5. Plan Regular Check-ins
Money management should be an ongoing discussion. Set regular check-ins to review your financial status, update your goals, and adjust your plans as necessary.
Living With Your Partner and Managing the Bills
Managing finances with a partner can be challenging, and there's no one-size-fits-all approach.
There is no ‘better’ strategy when it comes to managing household expenses, but problems can arise when strategies and values are different. While some prefer one partner to handle most expenses, others seek fairness by proportional or equal sharing. What’s more important to you—equity or equality?
How Couples View Finances and Marriage
Talking about finances is crucial for many Hong Kongers when considering marriage, with 67% believing that couples should be completely transparent about their finances in marriage. Here’s what people think should also happen after tying the knot:
Talking about money as a couple can be challenging, particularly if you’ve got existing debt or previous financial mistakes. Thankfully, there’s plenty of information available to you on MoneySmart’s portal, from learning how to budget to gaining more understanding on financial products such as personal loans and credit cards, there’s plenty of advice available.
Ready to take your relationship (and rewards) to the next level?
Some couples may opt for a joint credit card to make paying bills and unlocking tiered rewards easier. Check out our latest credit card offers, exclusive on MoneySmart.
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Methodology
Marital Status:
- Married: 94.5%
- Dating: 3.9%
- Cohabiting: 1.6%