The power of two is real. Single life can be bliss, but from a financial perspective, couples tend to enjoy higher household incomes, accumulate more wealth, and, by the time retirement rolls around, are up to six times less likely to live in poverty than singles.
The catch is that singles can control all the financial reins. For couples, money has the potential to drive a wedge in relationships, especially when a twosome isn’t working as a team.
Long-standing research by Relationships Australia confirms that financial stress is a leading cause of relationship breakdown, accounting for close to one in four break-ups. The other main culprits are communication difficulties, different expectations, and lack of trust.
Why does money rank so highly on the list of issues that can drive a relationship onto the rocks? It’s a no-brainer that if you’ve lost your job and have kids to support and a mortgage to pay, the ingredients are all present for serious financial stress. But Relationships Australia found high-income couples are just as likely to go to war over money matters as battlers. So, it’s not always a lack of money that causes friction.
The reality is that in today’s complex world, money can be toxic in a relationship no matter what our personal circumstances look like, and financial issues can undermine a relationship in a number of ways. As the graph on page 34 shows, for almost one in two couples money is a tension-builder. But financial problems can also lead to the blame game and outright fighting, and ultimately see people simply walk away from a relationship.
This story is from the October 2021 edition of Money Magazine Australia.
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This story is from the October 2021 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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