Singaporean’s guide to avoiding relationship breakdowns over money: 5 communication tips for healthy financial planning

SINGAPORE: A new study released by personal finance portal MoneySmart reveals the impact disagreements about money can have on relationships, with at least one in four experiencing a relationship breakdown due to such issues.

But how can you talk about money with your partner without ruining your relationship?

The study surveyed 1,000 Singaporean adults in relationships and found that nearly a third (27%) had experienced a breakup due to money disagreements.

The main reasons included excessive spending by one partner (48%), differing saving habits (37%), and insufficient savings (32%). Moreover, over one in ten couples (13%) reported that money was their most frequent argument topic.

The study also revealed a lack of financial transparency among couples. Nearly a quarter (24%) admitted having hidden savings accounts, while 18% confessed to debt their partner did not know about.

This was despite almost half (49%) respondents saying they would have viewed their partner as dishonest if they had lied about money, income, or debts, and 32% stating they would never have forgiven such lies.

Discussing finances remained a significant challenge for many Singaporean couples. About a third (32%) found these conversations difficult, while over a quarter (26%) actively avoided them. In addition, 32% reported feeling anxious when discussing money with their partner.

Despite these challenges, 81% believed that discussing money with their partner strengthened their relationship, and 58% found that frequent financial discussions improved their relationship.

To help couples navigate these often tricky conversations, relationship coach Iwa Hensarling shared five practical tips on how to talk about money with your partner to avoid relationship difficulties.

1. Start money talks early: Talk about finances early in the relationship before making major commitments or financial decisions.
2. Create a safe space: Discuss money in a non-judgmental, open, and honest environment. Approach the topic with care and understanding.
3. Be transparent: Share your financial details openly, including income, debt, savings, and credit scores. This helps both partners understand the full financial picture of the relationship.
4. Set mutual goals: Align short-term and long-term financial goals, such as saving for a vacation or planning for retirement. Shared goals strengthen the relationship.
5. Plan regular check-ins: Make money management an ongoing discussion. Schedule regular check-ins to update goals and adjust plans as needed.

“Although sometimes tricky, improving communication around finances is entirely possible.

By addressing money matters proactively and collaboratively, couples can strengthen their partnership, minimise stress, and build a more transparent and supportive financial relationship,” Hensarling said.

For more details on the study, check here. /TISG

Read also: Is it “realistic” for women to expect men to pay for everything? Some Singaporeans says it’s a “red flag”

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