“A quarter of Australian family’s state they are conflicted over money and admit to keeping a financial secret from their partner”  This was the leading statement on a white-paper issued from St George Bank in May 2018.  (A whitepaper is an in-depth report on a specific topic that presents a problem and provides a solution)

It’s an interesting read …

New research by St.George Bank reveals one in four Australian families find money a source of conflict at home, with 40% believing this is due to their partner overspending.

The survey conducted with 1500 parents around Australia, also found that despite having children together only half (51%) of families combine their income, and nearly four in 10 (37%) keep their money separate.

One in four parents said they keep a financial secret from their other half. For Mums the top financial secret was a large debt while for Dads it’s a secret bank account.

The research also found six in every 10 households rely on only one parent to manage the money and agree one of them is a spender and the other a saver.

Ross Miller General Manager for St.George Bank said it was very clear from the research that ‘saving more’ was the number one financial goal for families well ahead of ‘having a better household budget’.

“It was interesting to see that only half of families combine their income, and only four in 10 parents tackle the household budget as a joint responsibility.

“This was also the case when it came to parents making financial decisions on children’s expenses such as education and hobbies, again half of Aussie parents said they make these decisions alone.

“By looking at the household expenses together and agreeing on key financial decisions, families may be able to budget better and improve on their savings strategy.

“Opening up a joint account is a great way for parents to share mutual financial goals and keep track of their household spending, and conversely combining savings into one account can help boost their savings,” says Ross.

Ross added only 17% of households had sought some financial advice, with 70% stating their household finances were self-taught.

The white-paper concluded by saying that it is recommended that families review their finances and accounts at least once a year.

If you haven’t reviewed your budget for a while, now is a good time to do it before the end of the financial year. Give me a call – I’ll be happy to assist.

©   Carmel McCartin – Budget Bitch

And don’t forget – (The views expressed in this blog are the personal opinions of the author. Don’t rely on them to make financial decisions; you have to make up your own mind. If you don’t like the content – then either stop reading or send me an email)