At least 1 in 4 Singaporeans has had relationship break down due to disagreements about money, study finds

Having trouble bringing up the issue of money to your partner? Well, it seems like you aren't alone in this struggle.

A study released today (Aug 1) by personal finance portal MoneySmart discovered that at least one in four Singaporeans has had a relationship break down because of money.

The research was carried out via an online survey between June 5 and 17 among 1,000 Singaporean adults currently in a heterosexual relationship. 

Honesty, trust and open communication channels form the base of any healthy relationship.

But based on the results from this survey, disagreements over money can throw a spanner in the works and cause a detrimental effect on a couple's relationship.

Diving into specifics, MoneySmart's study found that the common causes of disagreements include someone in the relationship spending too much (48 per cent), differences in spending habits (37 per cent) and not saving enough (32 per cent).

Rather worryingly, more than one in 10 (13 per cent) of the study's participants admitted that they and their partner argue most about money than anything else.

While 59 per cent of respondents believe their partner is transparent about their finances, the reality of it (according to the study, at least) is that a number of them are not completely honest.

Twenty-four per cent mentioned that they have savings accounts that their partner is unaware of while 18 per cent admitted to having debt that their partner does not know about.

This discrepancy can then lead to breakdowns in the relationship, with nearly half the participants labelling their partner dishonest if they lied about finances, income or debt.

Thirty-two per cent also mentioned that they'd never forgive their partner for lying about their finances.

Discuss your finances

Bringing the issue of finances up to your partner can be uncomfortable for many Singaporeans.

Almost one-third (32 per cent) found it difficult to discuss finances with their partner while over a quarter (26 per cent) actively avoided conversations on money.

Also, 32 per cent of respondents admitted to experiencing anxiety when the topic of money came up in conversations with their partner.

Findings from the study found that couples who were able to openly discuss their finances benefitted greatly from this level of transparency.

Eighty-one per cent felt that doing so meant they could enjoy a stronger and more secure relationship and 58 per cent noted that the more open they were about finances, the better the relationship becomes.

Experienced relationship coach Iwa Hensarling admitted that while communicating with one's partner about finances can be "tricky", it is entirely possible.

She suggested that couples should address money matters in a more proactive and collaborative manner.

That means starting early, preferably before making significant commitments, and creating a safe space to have non-judgemental and open conversations.

Couples can also set mutual goals, be it short term or long term, and conduct regular check-ins to ensure they are on the right path and adjust or tweak their plans when necessary.

ALSO READ: How to set financial goals as a couple

amierul@asiaone.com

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