Let’s be real – although money isn’t everything, it sure as hell can cause us a whole lot of problems, especially when it comes to our relationships.
And if, like us, you’ve ever had a fight with your other half over finances, it turns out that you’re far from alone.
New findings from Monzo’s Love Reporthave revealed just how much the topic of money is still a bone of contention – with the subject sparking a whopping average of five arguments a month for couples.
And the research shows that the run-up to the festive season further raises tensions, as nearly a third (30%) of couples surveyed revealed they argue even more at Christmas time, with purchasing presents for each other (19%) and the in-laws (17%) being the biggest sticking points.
The study, commissioned by the UK’s largest digital bank to shine a light on the financial hurdles couples face, also shows financial compatibility is a struggle for many, with over 4.3M people in the UK confessing they think their partner has an unhealthy relationship with money.
The research also found that an eye-watering half of us (47%) have lied to our partners about our finances, with top five things being hidden listed as:
Buying themselves an expensive treat
A salary increase
Yeah, not good. And not only that, 1 in 7 (13%) of us have even ended a relationship because of money issues.
For many of us, money is still a taboo topic of conversation, so it’s unsurprising that we’re not communicating about it well. So how can we make the matter of money easier to get real about?
Fortunately for us, in light of the findings, Monzo has partnered with love expert, Paul Brunson (yes, from MAFS), to help the nation’s lovebirds get on the same page about their finances.
Brunson has worked with the digital bank to create a free series of video guides to help couples tackle the topic of money, whatever stage they’re at in their relationship.
According to Brunson, the most important thing to remember when having conversations about money is transparency.
He explains: “With Monzo’s research showing almost half (47%) of people have been dishonest with their partner about a money related topic, it’s clear poor communication is a stumbling block in many relationships.
“Talking about money can be difficult and awkward, however, it’s really important to be honest - because fibbing can cause a load of other issues. I’d advise any couples, even if you’re not having regular arguments about money, to explore the Monzo ‘Joint Accountability’ guides to ensure you’re having transparent conversations with your partner about money.”
You can watch the first episode of Brunson’s collab with Monzo below: