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COUPLES are setting themselves up for financial disaster by failing to jointly manage their finances, and many admit to keeping their money separate.

Experts say for couples to be financially compatible it is vital they have a joint financial plan of attack and share some money management duties together.

Even if one person is a scrooge and the other a spendthrift, couples need to work as team to make sure their finances stay on track.

New Westpac research quizzed 1000 men and 1000 women and found 37 per cent of couples manage their finances as a team. Despite many couples being happy in their relationship, six out of 10 still have separate bank accounts.

Westpac head of women’s markets Felicity Duffy said once a relationship became serious, couples needed to be open and honest with each other about their handling of money.

“You need to talk about your money strengths and weaknesses and what your future goals are,” she said.

“From there you can work out how compatible you are … or whether money is going to be a bone of contention.”

The research also found one in 10 people has a sneaky bank account their other half has no idea about.

Experts say having your own bank account isn’t a problem but lying about money to your partner is.

Ms Duffy said being

“open, honest and transparent” with each other was vital, otherwise the relationship could hit the skids.

Pivot wealth financial adviser Ben Nash urged couples to get chatting about money early on in their relationship to ensure “you are on the same financial page”.

“Normally there’s one person that’s more exposed to paying more attention to the financial side of things and more organised,” he said.

“When people are in a committed relationship, it’s important they ensure they are heading in the same direction.”

While Mr Nash said it was OK for one person to take control of handling the household finances, both parties should be “clear on where they are headed financially and approach things jointly”. If they struggled to do this, they should consider seeking help from a financial expert, he said. The research also found that one in 10 people seeks permission from their partner before making a purchase. Relationships Australia spokesman Matt Garrett said discussing money with a partner could be complex.

“Ideally, it would be good for couples to speak openly about their finances,” he said. “Money is such a hot issue and it evokes such emotion.”