A recent survey by Westpac Women’s Markets spoke with 1,000 people, both men and women, about household finances. The results flipped the age-old myth of women not understanding finance on its head.

Almost half of everyone surveyed (47%) of both men and women, argued with their “other half” about money. But 19% of women don’t trust their partners with money and 47% of women believe he wastes money. The figures are 10% and 40% amongst men.

Larke Riemer, national head of Westpac Women’s Markets, says this shows that women aren’t shy about assuming command of the household budget. In fact, almost twice as many women as men reported to survey-takers that they were in charge of the family chequebook. “The results bust the old myth of women as money-wasters,” Ms. Riemer said. “The idea the wife is maxing out the credit card while the husband works.

“Women are feeding and clothing their families, putting their kids through school, often on not much money. I’d love to see them in control of the federal budget.”

John Aiken, a psychologist, said that, with such results, partners being able to openly discuss finances was more important than ever.

“Both men and women can struggle with that particular conversation,” he said, “given that the feelings involved are anxiety, shame, and concerns about not measuring up.”

For couples who do fight over money, he offerred a bit of advice.

“You should choose a neutral time and place,” he said. “Doing it over dinner with the kids around, or straight after an argument about something else won’t help.”

Source: http://www.theaustralian.com.au/