Personal finances firmly on the agenda for Aussie couples but Valentine’s gifts are out, reveals MyState Bank
A quarter (24%) of couples discuss their finances;
Six in ten (64%) believe that both partners share an equal role in financial decision-making, with nearly half of us seeing ourselves as savers but only a third seeing their partner as a saver;
40% of Aussie couples have kicked off 2021 with the resolution of building their savings;
Only 29% of Aussies will be showering their partners with gifts this year.
The COVID pandemic has firmly moved personal finance discussions up the agenda of Aussie couples, with weekly financial conversations and New Year resolutions to drive savings during 2021, according to new research from MyState Bank.
The Love & Money Survey: COVID Edition, was commissioned by MyState Bank, and surveyed over 1,003 Australians in a relationship about their personal finances.
The survey found that Australians have become more economical in relationships, with nearly half (45%) of the couples sharing accounts and expenses, compared to just a quarter (25%) in 2020, and a huge six in ten couples (64%) sharing an equal role in financial decision-making. It also found that only 29% of people will be buying their other half a gift this Valentine’s Day.
Savings and budgeting are high on couple’s agendas this year, with just under half (40%) having kicked off 2021 with the resolution of building their savings. This is after a quarter of people (24%) said they were able to build their savings over the last year, and 14% created a budget and stuck to it.
Commenting on the findings, Heather McGovern, MyState Bank General Manager of Digital and Marketing, said that the findings were a positive sign that the pandemic has brought finances further up the agenda for couples.
“The pandemic has meant that we are now more focused on finances than ever before. Out of the turmoil in the last year, the fact that couples are having more open and frequent discussions about their personal finances, and taking steps to secure a healthy financial future, is only a positive.”
Some of us still secretly saving
Despite the positivity, some couples still have a way to go. The Love & Money Survey found that 15% of couples still have separate accounts and do not share expenses, a third (30%) believe that they are the maker of financial decisions in their households, and 43% of people see themselves as savers but only 34% feel that their partner is a saver.
More surprisingly, 14% have a secret savings account that their partner is not aware of, and a third (33%) have lied to their partner about the price they paid for something.
“Make 2021 the year to tackle any of your financial goals. We encourage all Australians to revisit their finances, make a budget, and set up a financial date night each month to talk through what needs to happen. Keep the discussions going and work through your goals together,” added Ms McGovern.
MyState Bank offers three top tips to ease the money worries on Valentine’s Day or other special occasions:
- Set up a regular money date: Schedule regular dates to talk about your finances and future goals. This will help keep you both on track and working towards the future.
- Keep a strict budget: A quarter of Aussies were able to build their savings during COVID because of a plan put in place. Make your money work for you and your partner and set that budget in place.
- Plan for tomorrow: In addition to a budget make sure you both clearly understand your financial goals and agree on any big purchases. This includes setting savings goals, plans for buying your first home, how you might fund your children's education and what your plans are for retirement. It is important to write your goals down together, set a timeframe to reach those goals and regularly review them together every 3 months - as your goals may change as your personal circumstances change.
About the Love & Money Survey: COVID Edition
A nationally representative survey conducted by Pureprofile of 1,003 Australians in a relationship between 2 and 4 February 2021.
