Financial secrets and the family finances

Research released by St. George Bank has found that just 17 per cent of Australian households seek financial advice. The survey was conducted on 1,500 Australian parents. 

Key findings of the research include: 

• 70 per cent of parents taught themselves how to budget
• 43 per cent had help from their parents in teaching them how to budget
• A quarter said money is a source of conflict in their relationship
• Twenty-four per cent keep a financial secret from their partner
• The top financial secret for mothers was large debts
• The top financial secret for fathers was secret bank accounts
• Fifty-one per cent of families combine their income, with 37 per cent keeping finances separate
• The same amount of mothers versus fathers think their counterpart is responsible for overspending (41 per cent of mothers and 42 per cent of fathers)