· eharmony research reveals Australians looking for love are placing a higher premium on financial responsibility in a partner as the cost-of-living crisis continues to bite
· Two-thirds of Aussies want to know their partner’s financial situation before getting serious
· Credit card debt, payday debt or personal loans can all indicate a partner is ‘too risky to romance’, say the vast majority
The rising cost of living is changing the Australian dating landscape, with online daters placing increased emphasis on financial stability as a desirable trait and being choosier about who they’ll invest affections in.
A survey from eharmony shows love-seekers are leaning towards ‘financially responsible’ matches, with nearly half (48%) saying a potential partner’s debts and income determine if they will pursue a relationship.
While some varieties of debt – mortgages and student loans (e.g. HECS) – were deemed acceptable or even ’good’ debt by the majority – 84% and 63% of respondents respectively –credit card, payday debt (such as Afterpay) and personal loans topped the ‘bad’ list (82%, 78% and 73% respectively). Car loans were also on the unfavourable debt list for 57.5% of those surveyed.
Just over a third (35.3%) said a potential partner should have no debt at all, excluding a mortgage.
Sharon Draper, a relationship expert at eharmony, said money has long been a key factor in relationships – and a frequent cause of conflict – but now comes up at an earlier stage due to the increasing financial squeeze being felt by many.
“In the past, couples tended to avoid discussing money during the early stages of dating because it was regarded rude …and a bit of a passion-killer!” she said.
“Understanding each other’s perspectives – and habits – around finances earlier in a relationship can help assess long-term compatibility.
“Money is an emotive topic and linked to an intricate and highly personal blend of basic survival needs, upbringing, experiences, life goals, aspirations, fears and much more.
“Things can get complex when two people are trying to meld their individual money values and attitudes – honest, ongoing communication is key to success, and if couples are struggling to see eye to eye, I’d recommend seeking financial advice together.”
Table of unfavourable debt
|
Debt Type |
Percentage of Australians who consider debt type unfavourable |
|
Credit Card |
82% |
|
Payday debt - Afterpay/ZIP/Openpay,etc. |
78% |
|
Personal Loans |
73% |
|
Car Loan |
57% |
|
Student debt – HECS, HELP, etc. |
37% |
|
Mortgage |
16% |
Table depicts debts which are considered unfavourable amongst Australians
On the subject of combining finances and bank accounts, eharmony’s survey found caring didn’t necessarily mean sharing – 1 in 5 (20%) of couples elect to keep their finances separate, while more than a third (34%) share some of their finances with their partner but also keep a portion to themselves.
More than a third (36%) of those in a couple carry their debts individually and 29% only have bank accounts in their own names, while a further 14% have opted to keep their own bank account and have another shared with their partner.
20% of respondents were concerned about sharing their finances because they felt their partner would (negatively) judge their spending and financial behaviour.
A sizeable proportion (33%) doubted their partner’s ability to manage their finances and didn’t trust them to be responsible with their money. It’s therefore unsurprising that one-in-five (20%) keep their bank balances separate for financial freedom.
Three-quarters (76%) said they feel more financially secure on their own than with a partner.
While money is an important part of a relationship (to 67%), greater importance was placed on how potential partners manage their earnings and financial commitments.
“The size of someone’s pay packet is not so much an attractive trait, but rather being ‘on the same page’ about money management,” said Sharon Draper.
“eharmony measures people’s core values and personality traits to match them with like-minded people. Not only is there are measure on measure how important money is to them, but how well they score on traits intrinsically linked to finance, such as the desire for security, structure, and domesticity. The reason for this is that attitudes to spending can make or break a relationship over time.”
For more information about eharmony or to sign up, visit eharmony.com.au
– ENDS –
About The Debt on Love Report
The research was conducted by Pure Profile on behalf of Soda Communications in 2021, among a nationally representative sample of 2,079 Australian adults (18+).
About eharmony
Los Angeles-based eharmony has helped over 2 million people find real love. As one of the original dating platforms, eharmony has been at the forefront of creating meaningful relationships based on its innovative Compatibility Matching System. The company operates in Australia, the United States, Canada, and the United Kingdom. For more information visit www.eharmony.com.au or download the app available on both iOS and Android.
Key Facts:
· eharmony research reveals Australians looking for love are placing a higher premium on financial responsibility in a partner as the cost-of-living crisis continues to bite
· Two-thirds of Aussies want to know their partner’s financial situation before getting serious
· Credit card debt, payday debt or personal loans can all indicate a partner is ‘too risky to romance’, say the vast majority
Contact details:
Keryn O'Donnell
Soda Communciations
M: 0418 603 663
E: keryn@sodacommunications.com.au