One in four parents is keeping a financial secret from their partner
The most common one is having a secret bank account, followed by a large amount of debt.
A quarter of Australian parents admit to keeping a financial secret from their partner, according to a new survey of over 1500 parents by St.George. According to the Family Finances Report, 23% of Australian parents have a secret bank account, 22% have a large debt, 21% have made a secret expensive purchase and 16% have a secret credit card.
The research revealed a quarter of Australian parents identify money as a source of stress and conflict at home. While there were a number of reasons for money being a source of stress, this mostly related to income stress, food and bills as well as their partner overspending. However, there was some confusion over which partner was doing the overspending.
Almost two-thirds of Australian parents agreed there was definitely a spender and a saver in the relationship. The research revealed that four in ten mums consider themselves to be the spender, compared to three in ten dads who admit they are likely to be the spender in the relationship. However, when asked if it was their partner doing the overspending, 41% of mums and 42% of dads said it was the other one who overspends, not themselves.
Interestingly, despite having children together, only half of Australian parents surveyed said they combine their income with their partner, with 37% keeping their money separate. The report also found that only 38% of families consider the management of household finances to be a joint responsibility.
“This was also the case when it came to parents making financial decisions on children’s expenses such as education and hobbies, again half of Aussie parents said they make these decisions alone," said general manager of St.George Bank Ross Miller.
“By looking at the household expenses together and agreeing on key financial decisions, families may be able to budget better and improve on their savings strategy. Opening up a joint account is a great way for parents to share mutual financial goals and keep track of their household spending, and conversely combining savings into one account can help boost their saving."
Compare joint transaction accounts and joint savings accounts in our guide.