Mike Reynolds
Mike Reynolds

Director / Adviser

Melbourne

Talk to us about Family Office today

Ready to stop financial conflict in your marriage

What do couples really argue about?What do Australian couples really argue about?

Research shows finances are one of the leading causes of marital conflict in Australia, with 34% of respondents saying that they argue about money. This was especially true amongst couples between the ages of 25 to 34 years.

While fights with a partner are always distressing, those involving money are particularly hard to resolve. They can bring up feelings of fear, distrust and a lack of security which in turn makes it even harder to communicate openly and honestly about money. Our free online profiler lets you review your current financial situation with and without your partner's financial pictured included.

The impact

In August 2015, Relationship Australia conducted an online survey that investigated the impact of financial problems on relationships. It revealed that:

  • 85% of Australians believe that financial problems are likely to push couples apart
  • Of the 8% that believed that financial problems could bring couples together, 39% believed it was because a couple could not afford to break up

Though the numbers look bleak, it certainly doesn't mean that your relationship is doomed to becoming a statistic because of your different financial attitudes. With the right professional advice, these conflicts can be resolved and their effects minimised.

Taking control

Arguing about money is not the only reason couples should see a financial planner. Seeking advice from an expert will also help you and your partner have a positive and enthusiastic outlook about your financial future.

A professional financial adviser will help you to:

1. Set common goals

Top causes of marital conflictWhether it's buying property, retiring early or saving to travel the world, it's absolutely necessary to be in agreement about your financial goals.

Do: take the necessary time to reflect and set common goals. A financial adviser will help you crystalise your goals and create a financial plan to achieve them.

Don't: leave money matters to your partner. It's one of the biggest financial mistakes you can make.

2. Manage your income and superannuation

During our working years, we're in a good position to plan for a comfortable retirement. It's the best time to get educated about how you can reduce your taxes, save more and get your income to work for you.

Do: get a clear picture of your current financial position so that you have a realistic idea about how much you need to save and put away into super. Our free online profiler will tell you if you're on the right track.

Don't: be over optimistic about how far your savings and super will go. Your FMD adviser will be able to give you options that best suit your situation and goals.

3. Understand your risk profile

A professional financial adviser will adopt a holistic approach towards understanding and mapping your risk profile. This will help ensure that your investment strategy meets your objectives and financial situation.

Do: work closely with your partner to understand each other's risk appetites and personalities. This will help you evaluate and understand each other's behaviours and attitudes around money.

Don't: forget to put money away to minimise the impact of unforseen events in your financial situation. This will help you avoid the trap of making emotional decisions when faced with these sudden changes.

Take the first step to ending financial conflict


General advice disclaimer: This article has been prepared by FMD Financial and is intended to be a general overview of the subject matter. The information in this article is not intended to be comprehensive and should not be relied upon as such. In preparing this article we have not taken into account the individual objectives or circumstances of any person. Legal, financial and other professional advice should be sought prior to applying the information contained on this article to particular circumstances. FMD Financial, its officers and employees will not be liable for any loss or damage sustained by any person acting in reliance on the information contained on this article. FMD Group Pty Ltd ABN 99 103 115 591 trading as FMD Financial is a Corporate Authorised Representative of FMD Advisory Services Pty Ltd AFSL 232977. The FMD advisers are Authorised Representatives of FMD Advisory Services Pty Ltd AFSL 232977.