Young cou­ples clash over cash

When cou­ples fight over fi­nances, the younger they are, the harder they brawl, writes Tim McIn­tyre

Townsville Bulletin - - NEWS -

STRESSED Aus­tralian cou­ples ar­gue reg­u­larly about fi­nances and young­sters are the most af­fected, new re­search re­veals.

A fin­der. com. au sur­vey of 1541 peo­ple found 52 per cent of the na­tion’s cou­ples ar­gue about money; 7 per cent ev­ery week and 16 per cent ev­ery two to four weeks. Gen­er­a­tion Y cou­ples lead the bick­er­ing, with 12 per cent ar­gu­ing ev­ery week, com­pared with just 8 per cent of Gen X cou­ples and 2 per cent of Baby Boomers.

Younger peo­ple were of­ten ex­posed to the most pres­sure, ac­cord­ing to fin­der. com. au spokes­woman Bessie Has­san.

“The great Aus­tralian dream is still alive, al­though for many younger Aus­tralians it’s slip­ping fur­ther away from re­al­ity,” Ms Has­san said. “The pres­sure as­so­ci­ated with pur­chas­ing prop­erty can lead to stress and frus­tra­tion, which in turn can re­sult in ar­gu­ments.”

Aus­tralia’s Face­book and In­sta­gram ad­dic­tions also add to the pres­sure.

“Liv­ing in the era of so­cial me­dia means so many de­tails of our lives are doc­u­mented and there’s cer­tainly an el­e­ment of ‘ keep­ing up with the Jone­ses’ that comes with that,” Ms Has­san said.

“Some peo­ple – par­tic­u­larly younger gen­er­a­tions – feel pres­sure to have only the best and this can cause fric­tion in re­la­tion­ships, es­pe­cially if the cou­ple is work­ing to­wards a shared fi­nan­cial goal, like a wed­ding or a hol­i­day.”

Around 18 per cent only ar­gued ev­ery three to six months and 11 per cent just once a year. Just un­der half claim to never ar­gue about money.

Ar­gu­ments around in­vest­ing in or sell­ing as­sets can cause dis­agree­ments when cou­ples have dif­fer­ent risk ap­petites, cer­ti­fied fi­nan­cial plan­ner Kane Jiang from AA Fi­nan­cial Plan­ning said.

“One is a saver and one is a spender,” Mr Jiang said.

“Gen­er­ally they have the same long term goals but short term they may be dif­fer­ent

“For ex­am­ple, a wife wants two kids and the hus­band wants one child and more travel … or the wife wants to work longer, but the hus­band wants to re­tire as soon as pos­si­ble and go car­a­van­ning.”

Mr Jiang said that op­po­site per­son­al­ity types can be ben­e­fi­cial if the cou­ple dis­cusses short and long term goals and finds com­mon ground. The re­sults come af­ter a June mort­gage stress sur­vey con­ducted by Dig­i­tal Fi­nance An­a­lyt­ics ( DFA) es­ti­mated more than 810,000 house­holds across Aus­tralia are cur­rently ex­pe­ri­enc­ing mort­gage stress; up from 794,000 in May.

Of these, 29,000 fam­i­lies were be­lieved to be ex­pe­ri­enc­ing se­vere stress.

DFA es­ti­mates nearly 55,000 house­holds risk de­fault­ing on their mort­gage in the next year, thanks to ris­ing mort­gage rates, flat in­comes and un­der­em­ploy­ment.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.