Couples stay cool about cash

New research from NS&I's (National Savings and Investments) Quarterly Savings Survey reveals that couples are open about their finances. 81% of Britons say they never argue about money with their partner.

Of those that do disagree, over two-fifths (43%) say they are able to resolve any arguments by talking things through. The research also opposes gender stereotypes of women who like to talk and men taking more control. Nearly half of all men (47%) say they like to resolve arguments by talking to their partner, compared to just 37% of women. A quarter (25%) of women say they have control over all financial matters in their relationship, compared to just 16% of men. Men also appear more open to making joint financial decisions than women. 46% say they have a joint account with their partner and will share all their financial information, higher than the figure for women (40%).

Couples seem to have a keen appreciation of their financial boundaries and are honest about their spending. Almost three-quarters (74%) say they never spend money from their joint account on personal things their partner would not approve of. Nearly nine out of ten (88%) people also say they have never borrowed money from family, friends or from a partner without repaying it. However, it seems not everyone adheres to these unwritten codes of behaviour. Just over £50 (£51.54) is considered to be an acceptable amount to borrow from a partner without paying it back. This figure was higher among women, over £60 (£60.13), compared to £43.27 for men.

Many couples actually think they benefit financially from their partnership. Nearly a third (29%) of those in relationships say money brings them happiness. Further, it's not just the money itself but the shared approach to managing it. 74% said it was having someone to talk freely to about financial concerns that they most valued. Almost three-quarters (71%) think other benefits to being in a relationship include being able to organise their finances together with someone and receive similar motivation, while 77% say being able to share financial knowledge. Only 8% of couples believe there aren't any financial benefits to being in a relationship.

Dax Harkins, NS&I's senior savings strategist said: "This Quarterly Savings Survey has revealed some interesting details of how people in relationships deal with money, busting the myths that money causes disagreements and people secretly spend their shared cash. And it seems that this is not just a result of people being more open because of the current financial climate. More than two thirds (69%) say this hasn't affected their financial relationships, and only 8% think they have become more open with people they are close to. It seems money has been much maligned and British couples are actually better at dealing with financial issues than many thought."

Gender differences also extend to saving targets and levels. The Quarterly Savings Survey highlights that women are setting themselves higher monthly savings targets than men, 16.06% compared to 15.07% for men. However it appears men are actually better at translating these savings aspirations into actual amounts, managing to save 7.15% of their income each month, compared to just 6.14% for women.