Study Says You're 10 Times More Likely To Be Dumped If You're Bad With Money

You’re 10 Times More Likely To Be Dumped If You’re Bad With Money

Put down the credit card and step away from sale rack – not only is being financially irresponsible bad for your hip pocket, it could also hurt your relationship. A survey of 2000 people by insurance company Policygenius showed money matters are a major deal breaker. Around 11 percent of respondents who think their significant other is […]

by | Oct 1, 2019

Put down the credit card and step away from sale rack – not only is being financially irresponsible bad for your hip pocket, it could also hurt your relationship.

A survey of 2000 people by insurance company Policygenius showed money matters are a major deal breaker. Around 11 percent of respondents who think their significant other is bad with money say they plan to break up with them over financial issues, compared to only one per cent of people who believe their partner is good with money plan to do the same.

“Money issues can create serious conflict in a relationship,” says Patrick Hanzel, a certified financial planner and advanced planning specialist at Policygenius. “That conflict can become compounded if one party wasn’t upfront about their financial health.”

It’s truly a situation of what’s mine is yours when it comes to money problems – the findings also showed that 46 per cent of respondents pool income with their partner and 30 percent treat their partner’s debt as joint debt.

RELATED: How One Woman Ditched Her Crippling Credit Card Debt (And You Can Too)

Melissa Browne, CEO of accounting firm A&TA author of Unf*ck your Financespreviously told Women’s Health that communication is key when it comes to dealing with your finances as a couple.

“Before you get serious and before you start to share any sort of financial products make sure you have a conversation about money: who owns what, who owes what, what taxes are outstanding and what you hope to achieve with your finances,” Browne says. “This means there will be fewer surprises down the track and if there are any financial skeletons you can deal with them early on.”

“In my role as a money expert I meet many men and women who are struggling with an Sexually Transmitted Debt they received from a once loving partner,” Browne adds. “Everything from tax debts not declared, debts they didn’t realise they were liable for when they agreed to directorships, mobile phone bills, SMSF debts, rent not paid, gambling addictions and so much more.”

RELATED: Study Finds Financial Stress Fast-Tracks Physical And Mental Ageing

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