Women have been urged to tackle the issue of “money conflicts” in their relationships after a survey found 19% of women do not totally trust their partner with shared finances.
The survey of 1,000 male and female respondents was conducted by Pure Profile for Westpac’s Women’s Markets division in time for International Women’s Day.
The survey revealed women largely have greater control over household finances, with 47% of women saying they controlled joint savings accounts (compared to 24% of men) and 36% reporting they have “more control” over the way money in managed (compared to 31% of men).
However, improved control doesn’t appear to be leading to improved relationships where money is concerned.
Both 47% of men and women said they argued with their partners over money, and 47% of women also said they believed their partner wasted money, compared to 40% of men.
Westpac’s Head of Women’s Markets, Larke Riemer, says women are more financially savvy than ever, and had quickly readjusted family budgets during the global financial crisis to ensure household budgets remained robust.
But she said women need to do more to avoid fights over money.
“Women are savvier than ever about money – they are more aware of how they can use it to achieve their goals. We want to see women using their financial know-how to avoid arguments.”
Money conflicts appear to be worst in Queensland, where 54% of female respondents said their partner wastes money, and 53% of women reported money-related arguments.
Victorian women have the most control over household finances, with 55% in charge of joint bank accounts and 46% in change of money management.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
