Different people have different money styles, and while that can bring harmony for some couples, it can create challenges for others.
Recent ASB research* found that ahead of work, children and health, money is the leading cause of relationship stress and nearly a quarter of people in committed relationships keep money secrets from their partner.
Decisions made while in a relationship can also have unexpected consequences in the event of a break-up. For example, guaranteeing someone else's loan or buying together on hire purchase could make you responsible for the other person's debt.
But the good news is that being in a relationship can bring opportunities to reduce costs and build wealth which we wouldn't have on our own. For example, you can invest together, share living costs to help reduce spending and work towards financial goals in partnership. In fact, ASB research shows that on average, couples have better financial wellbeing**.
So how can we make the most of the opportunities that being in a relationship brings? Here are some things to consider, that might help you and your significant other agree on your best approach to managing money.