A lot of couples aren’t always on the same page when it comes to money, especially during the Christmas period, a new Monzo report has found.
The online banking app, which surveyed 2000 British adults in a relationship for their Love Report, suggested many people don’t think they are financially compatible with their partner.
Some areas that cause worry include partners making purchases on a shared account without any discussion (25 per cent), including 32 per cent on clothes and 25 per cent on their own groceries. While 45 per cent of couples hide their debts and 35 per cent lie about their spending habits, according to the findings.
The Love Report, commissioned by 3Gem Research and Insights, aims to help couples avoid unnecessary break-ups over the festive period.
Some 65 per cent of couples said they’d found themselves in arguments about their finances due to the strains caused by the cost of living crisis at least five times a month (equivalent to 60 times a year), resulting in 15 per cent of couples breaking up due to money issues.
And in regards to how costs are shared, one in five people believed their finances weren’t split fairly in their relationship, with 27 per cent feeling their partner isn’t very good at managing their personal finances.
Monzo enlisted the help of Married At First Sight UK’s relationship expert Paul Brunson to help couples this winter – with a free video series on financial fibs, splitting up and fiery finances, to help lovers get on the same page with money.
“The holiday season can be magical, but it can also bring about additional financial stress for couples, with 30 per cent of Brits in relationships arguing more often in the run-up to Christmas,” said Brunson.
“These disputes typically centre around gift spending for each other (19 per cent), in-laws (17 per cent), costs for seasonal outings (13 per cent), holiday vacations (11 per cent), and choices of supermarkets for Christmas feasts (10 per cent).
“A great way to switch things up for the holidays and keep budgets manageable is to incorporate a ‘Secret Santa’ tradition for gifts. By setting a budget and limiting how many people are being shopped for by one person, this gift-giving method can introduce an element of fun and creativity into your festivities, while also keeping financial tensions low.”
But easing financial tensions doesn’t only have to be practiced during times of increased spending, Brunson explained.
“Keep lines of communication between you and your partner open year round. Be transparent with each other about spending, create a realistic budget that you can stick to, and have regular sit-downs to discuss your financial health as a couple. The more you talk about your money, the less scary it becomes. Soon it’ll be as easy as asking what’s for dinner,” he added.
“Remember, the holidays are about creating memories and cherishing each other’s company, not about outdoing each other with expensive gifts. By embracing thoughtful and budget-friendly traditions, you can enjoy a festive season that’s joyful, stress-free, and kind to your wallets.”
