They say money can’t buy you love – but sometimes it does help.
More than three quarters of Australians say the rising cost of living has impacted their relationships or ability to socialise according to new research from Compare The Market.
One in five people (23 per cent) said money issues had put a strain on their relationship with their partner or spouse. But romantic connections aren’t the only dynamic under pressure.
All relationships under pressure
One in ten people (10 per cent) said financial problems had damaged their relationship with their parents, while 8 per cent said rising costs had caused a rift with their children.
It comes as a growing number of Australians turn to their parents to buy a home or cover the cost of household expenses.
Over a third of Australians (36 per cent) said they had to say no to social outings because they couldn’t afford them.
Millennial marriages have been hit the hardest with 38 per cent confessing that rising costs have caused the tension. They’re the generation hardest hit by rate rises because they’ve taken out more debt to buy their houses. The cash rate has risen by 4.25 per cent, well above the 3 per cent that banks use for stress testing.
Source: Compare the Market. Survey of 1010 adult Australians conducted in April 2024.
Renters aren’t much better off with the nation’s median rent at more than $600 per week, according to CoreLogic data.
Relationships with parents just as tense
More than a third of Gen-Z and Millennials also blamed rising costs for causing tension in their relationship with their parents.
On the flipside of this, Gen-X and Baby Boomers said the cost of living has put a strain on their relationship with their children (39 per cent and 27 per cent respectively).
One of the keys to any healthy relationship is to be transparent about money.
It’s important to be open and honest about your finances. If you’ve been invited somewhere you can’t afford, don’t be embarrassed to suggest a cheaper alternative. A good partner or friend should support you and understand your situation and your bank account will thank you for it.
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