According to new NAB research based on 2,050 responses, one in two Australians don’t sit down regularly to look at their finances.
Meanwhile, one in three say that money is a source of conflict in their relationship.
This comes as 53% of men say money can cause stress and arguments with their partner.
Additional data found that around 30% of couples had one sole person who managed their finances without any involvement from their partner.
In partnership with NAB, psychotherapist Lissy Abrahams believes examining your relationship and feelings towards money is a practical way to improve financial and emotional health.
“The more we understand where our money beliefs and behaviours have come from, and our partner’s, the better our relationship with money and each other will be,” Ms Abrahams said.
“It can be daunting to take the first step, but it’s really beneficial long term for your financial wellbeing and the wellbeing of your relationships.
“The conversation guide is a simple way to navigate honest and often tricky conversations easily.”
Both NAB and Ms Abrahams have created a guide labelled 'Money Mondays' that encourages couples to sit down one Monday each month for at least 45 minutes to talk about spending and savings habits.
NAB Executive Krissie Jones said the data revealed a need for many to find a new way to reduce the stress of managing finances.
“The research clearly shows Australians want to take control of their money, but they often don’t know where to start,” Ms Jones said.
“Money Mondays encourages small habits, like regularly checking your incomings and outgoings and having open and honest conversations with your partner about your money goals.”
See Also: How to have the uncomfortable money conversation with your partner
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Brooke Cooper
Harry O'Sullivan
Jacob Cocciolone
