SINGAPORE: A recent survey conducted by Revolut, published by the Singapore Business Review, revealed that financial stress is a significant issue for couples in Singapore, with seven in ten residents reporting challenges when managing finances with their partners.
This proportion is the highest among Asia Pacific nations, highlighting the increasing strain of financial instability in relationships.
Financial instability and disagreements cause stress
The survey, which polled over 1,000 Singaporeans, identified financial instability and unexpected expenses as the primary sources of stress for 34% of couples.
Budgeting disagreements came in second, affecting 30% of respondents.
Other common financial challenges included conflicts over long-term financial planning or large purchases (24%), unequal contributions to shared expenses (23%), and difficulties tracking shared finances (23%).
Additionally, 21% of those surveyed noted that incompatible financial management styles contributed to their stress, while 20% struggled with a lack of transparency or communication regarding money matters.
Managing joint accounts or shared financial responsibilities was also a point of contention for 18% of couples, and one in five reported feeling uncomfortable discussing finances openly.
Strong demand for financial management solutions
The survey findings also indicated a strong desire for tools to simplify shared financial management.
Half of the respondents said they would find automated bill reminders essential, while 40% expressed interest in advanced analytics to track spending patterns.
Other features that would help include bill-splitting tools with reminders (38%), customizable permissions and spending limits for shared accounts (35%), group expense tracking (31%), and settlement options for shared expenses with friends or housemates (24%).
According to the survey, these results highlight the need for innovative financial management solutions that can ease the burden of managing money in relationships.
Featured image by Depositphotos (for illustration purposes only)
