Katrina Foster Men vs Women on Money Matters Interview

Katrina Foster Men vs Women on Money Matters Interview

Every couple manages their finances differently but recent research by Choosi and CoreData are showing just how much our attitudes on love and money have changed.

Some Key Insights:
1 in 3 people admit that they sometimes hide aspects of their finances from their partners.
When it comes to managing money in a relationship, -what's yours is mine' may not necessarily apply. 70% of Australians surveyed said that they have some separate financial resources.
64% agreed that bad finances are a deal breaker for a new partner.

Interview with Katrina Foster

Question: How are men and women different with money?

Katrina Foster: Based on the research findings, women are more likely to have saving -hacks' up their sleeves while males tend to have stronger financial knowledge and confidence in financial decision-making.

Males are more likely to rate themselves as strong or very strong in terms of overall financial knowledge (69.9% vs. 56.9%) and understanding how the share market works (53.4% vs. 24.6%).
Males are more likely to be at least reasonably confident when it comes to financial decision-making (75.3% vs. 62.6%).

Males are also more likely to improve their financial knowledge by researching information on the internet (61% vs. 39.4%) or seeking professional advice (34.1% vs. 24%).


Question: Can you talk us through the common money issues in relationships?

Katrina Foster: Having different views on money, spending and debt can cause issues in a relationship. For those who are in relationships, 80% of Australians surveyed agree that it is important to have financial agreements in place in a relationship. However, interestingly, 70% also feel it is important to have some separate financial resources in a relationship.

Question: How do a man and woman's ideas differ on saving and investing?

Katrina Foster: The research indicates that females are more likely to have saving -hacks' up their sleeves (35.8% vs. 27.8%) while males are more likely to cite savings applications as a saving trick or habit (32.3% vs. 18.8%).

Males are also more likely to have financial goals and adhere to a documented plan to achieve them or have realistic timeframes to realise them (47.3% vs. 31.4%).


Question: What are your top tips for managing love and money?

Katrina Foster: Honesty is always the best policy. Everyone has a different approach to money based on previous experiences. Before things get serious in a relationship it's always a good idea to understand your partner's financial situation.

Schedule a time where neither of you are stressed or distracted and discuss how you will manage your finances as a couple. Will you split all bills evenly? Will you put an equal amount into a joint savings account or will you be putting a percentage of your pay into it instead?

Write down the cost of expenses and debts you have individually and decide how you will tackle them as a couple. The end goal is to map out how you will manage your money and relationship so there is no misunderstanding down the road.


Question: Why is it important to not hide aspects of our finance from our partners?

Katrina Foster: Honesty is the foundation of a good relationship and hiding aspects of our finances implies a certain level of dishonesty and yet it is not uncommon. One in three Australians surveyed admit to sometimes hiding aspects of their finances from their partners.


Question: What's your advice on separate financial resources for couples?

Katrina Foster: When it comes to money and love, there isn't a right or wrong. Each couple will have a way to manage money that works for them. If keeping their finances separate works for them, it is the best approach as long as both parties agree that separate financial resources is the best approach for their relationship.

Interview by Brooke Hunter