Forget a great sense of humour, good looks or devilish charm; three quarters of married* Australian women say that having a partner who is financially savvy is the real 'must-have', according to new research (1) released today on behalf of BankWest.
According to BankWest's Jude Leon, "The national survey was conducted as part of our Get Australia Saving campaign to determine the importance of money in relationships. It revealed that women realise looks soon fade and the dynamics of a relationship can change, but being with a partner who isn't sensible with money can cause real problems in the long term."
Past research conducted by BankWest (2) found that money is a major cause of conflict in relationships, with seven out of ten couples admitting that they clash over cash, indicating a financially savvy partner is key for keeping the peace in any long-term relationship.
Continues Leon, "We also discovered recently that women tend to be more restrained in their credit card spending, racking up less debt than men (3). This may also explain why so many women want their partners to have financial smarts."
Single men wanting to increase their 'dateability' and become financially savvy, or people looking to be smarter with their money, should take advantage of financial products such as the BankWest TeleNet Saver and BankWest Zero MasterCard, both of which are designed to give people a better deal for their money.
The new research reveals that whilst being in a relationship with someone who is smart with money is a requirement on a woman's 'must-have' list for a partner, for men it's less important with only just over half having the same opinion. Interestingly, a significant 40 per cent of men say having a financially savvy partner isn't important in the slightest.
Gay Curtis, money coach and author of Smart Couples' Guide to Money says, "Men traditionally see themselves as having significant input over financial matters in the household, so having a partner who is financially savvy is viewed as less important. Women on the other hand realise that there will likely be a time in their lives when they may not be contributing money to the household, so having someone who is good at understanding and handling money matters is more essential.
"The reality is that long-term relationships, especially marriages, need two people who have shared financial goals and who work as a partnership to keep their finances in check."
To help couples with their financial plans for the future, BankWest is supporting the Get Australia Saving campaign, with a website http://www.getsaving.com.au. People can now learn simple yet effective ways to be financially savvy together.
"Our survey also found that 86 per cent of married people, both men and women, agree that taking an interest in their partner's finances is a must, which is great to see as open communication about finances is a great way to avoid conflict later on down the track," concludes Leon.
* Married also refers to those living in a defacto relationship
