February 12, 2016
New data from Mortgage Choice's inaugural Financial Confidence survey has found one in four Australians don't know how much their partner earns.
When surveyed respondents were asked whether or not they knew what their partner's income was, 26.4% said ‘no'.
Looking at the data, men were more likely than women to know what their partner earned.
Just one in five men (22.5%) admitted to not knowing what their partner earned, while one in three women (32.4%) said they were unsure what their partner was paid.
Mortgage Choice national spokesperson Jessica Darnbrough said with Valentine's Day just around the corner, it was a good idea for Australians to have ‘honest and transparent' conversations about their earnings with their partner.
“Money can be a source of friction in many relationships, so it is important to have frank and open conversations with your partner about money,” she said.
“Being clear and transparent about what you earn will ensure you both spend within your joint means and don't set unrealistic goals for yourselves and your financial future together.”
Ms Darnbrough said couples who spoke openly about their income with their partner were also well positioned to successfully financially plan for the future.
“Knowing what you and your partner earn will set your expectations and help you to put achievable plans in place – including property ownership and retirement goals,” she said.
“So, this Valentine's Day show your partner how romantic you can be by opening the lines of communication and sharing your financial details with them.
“This will ensure both parties take an equal share of the financial burdens.”