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Saturday, May 15, 2021

New study explains how much money matters in modern romance

Most solo Australians say it doesn’t matter how much money their future partner earns, according to a 2021 study from Canstar which surveyed over 1,000 Australians aged 18 and over.

The study found 57% of singles were nonchalant about a potential significant other’s earning capacity, and those in couples agreed – 63% of participants in a relationship said their partner’s income didn’t matter.

Of the top 10 qualities survey participants valued in a partner, money management skills were last, with a sense of humour, affection and personal hygiene listed as the top three.

Honesty was the second last most important attribute.

Simultaneously, just over 30% of solo Australians said money was all or part of the cause of their most recent breakup, and one in 10 people in a relationship said they resented their partner for not contributing more to joint finances.

How much cash should you splash on a date?

Research suggests there shouldn’t be a big focus on bargain hunting when grabbing a bite to eat.

Just over 40% of Australians think it’s okay to use coupons, discount codes or vouchers on a first date, and that increases to about 50% when asking Gen Z and Millenials.

One third of survey participants were against the idea of coupons on a first date, and nearly a quarter were unsure.

Canstar editor and money expert Effie Zahos recommended having open and transparent conversations about money once relationships moved past the early dating phase.

“A way to open up with a partner about your income, savings strategy and any debts you carry is to lighten the mood with a fiscal date night,” Zahos said.  

“Use this time to dream big together on what you both want to achieve and how you’re going to get there.”

Communicating with their partner about money troubles helped 62% of survey respondents feel better about their finances.

Meanwhile, one in 10 Australians in a relationship said that talking to their partner about money made them feel worse about their financial situation.

A considerable 15% said they didn’t talk about money or their finances with their partner at all.

“Talking about money standards, sharing your aspirations and being honest about your financial status is important in a relationship to ensure both partners are on the same page and working towards the same financial goals,” Zahos said.

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