Fighting with your partner about money? Turns out you’re not alone

Money sparks most arguments between couples

(Getty Images/iStockphoto)

Money is the root of most disagreements between couples, a survey has revealed.

“Spending too much” was the reason most cited for why such arguments flare up, with nearly two-thirds (62 per cent) of people who admit to arguing with their partner saying their disagreements are about money.

The research by mutual pensions and investments provider Royal London also found that a third (33 per cent) of people believe they are incompatible with their partner when it comes to spending and saving.

One in four (24 per cent) people in a relationship consider their partner to be irresponsible with money, while a third (33 per cent) keep financial secrets such as hidden savings pots or undisclosed debts from their partner.

The survey of 2,000 people across the UK also showed that a fifth (20 per cent) of people who do not think their partner is responsible with money keep a secret savings pot.

The majority (76 per cent) of couples keep some or all of their banking separate from their partner. Around a third (35 per cent) keep all their money in separate accounts, while only 24 per cent of couples hold everything in a joint account.

Sarah Pennells, consumer finance specialist at Royal London, said of the findings: “While it may not seem like the most romantic topic, if you don’t talk about what you each want from your finances and how to manage your money, it’s likely to result in more friction and arguments.

“Because we don’t tend to talk about money, one partner can assume that their way of managing their money is the ‘right’ way, and not understand why the other doesn’t take the same view.

“So, the key to a more harmonious relationship is to talk about your finances and agree a way that works for both of you, even if it involves some compromise.”

She adds: “It’s also important not to let financial concerns simmer beneath the surface. Being more open with one another about money and financial goals will also help couples to build a financially secure future.

“Facing uncomfortable conversations can help ensure a better relationship with money and each other.”