Donât Bank on Love to Pay the Bills
In the latest MoneySmart study, discover why at least 1 in 4 Singaporeans 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 59% of Singaporeans 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 49% would consider their partner dishonest if they lied about their finances, income or debts, and 32% saying that they would never forgive their partner for such deception.
This is despite the fact that nearly half 49% would consider their partner dishonest if they lied about their finances, income or debts, and 32% 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% saying that by doing so they have avoided potential issues down the line. A notable 81% feel that discussing money contributes to a stronger, more secure relationship. Furthermore, 58% observed that the more they discuss finances, the better their relationship becomes.
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 itâs 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 âbetterâ 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. Whatâs more important to youâequity or equality?
There is no âbetterâ 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. Whatâs more important to youâequity or equality?
How Couples View Finances and BTOs
In Singapore, homeownership is a significant milestone and financial commitment for many couples, with one of most popular options a BTO. So itâs only natural that many Singaporeans have specific criteria before taking the plunge:
Couples arenât just buying a house, they are building a home together. Ensuring that both partners are financially aligned is crucial for creating a stable and harmonious living environment.
Couples arenât just buying a house, they are building a home together. Ensuring that both partners are financially aligned is crucial for creating a stable and harmonious living environment.
How Couples View Finances and Marriage
Talking about finances is crucial for many Singaporeans when considering marriage, with 78% believing that couples should be completely transparent about their finances in marriage. Hereâs what people think should also happen after tying the knot:
While the data suggests that there is a strong desire for transparency and shared financial responsibilities in marriage, many also value maintaining personal financial independence. The word we might be looking for here is âbalanceââa balance between shared and individual finances and a balanced approach to managing expenses together while respecting each otherâs autonomy.
Talking about money as a couple can be challenging, particularly if youâve got existing debt or previous financial mistakes. Thankfully, thereâs plenty of information available to you on MoneySmartâs portal, from learning how to budget to gaining more understanding on financial products such as personal loans and credit cards, thereâs plenty of advice available.
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Methodology
Research conducted on behalf of MoneySmart by Savanta among 1,000 Singaporean adults (aged 18+) currently in a heterosexual relationship. The survey was carried out online between 5 â 17 June 2024. Please see a breakdown of the marital status of participants below:
Marital Status:
Marital Status:
- Married: 94.5%
- Dating: 3.9%
- Cohabiting: 1.6%