Despite many money-conscious Aussies making cuts to their spending amidst rising cost of living, a significant proportion believe they are in relationships with fiscally irresponsible partners, a recent study suggests.

The survey commissioned by Money.com.au revealed that half of Australians are struggling to meet their essential expenses, yet one in four (26 per cent) are living with a partner who could be inadvertently harming their financial stability.

Over a thousand Australians were surveyed, out of which 841 had a partner. More than a quarter of respondents said their partner spends too much on non-essential items or services.

Research found that 51 per cent of respondents who are in a relationship share a bank account or credit card with their significant other. These respondents were asked how much money they believe their partner wastes each month.

More than half (58 per cent) estimated their partners wastes more than $200 each month, while almost a quarter (24 per cent) thought their partner wastes more than $400 a month.

Since 50 per cent of survey respondents have struggled to meet essential expenses, the study suggests that more Aussies need to sit down and have a conversation about money with their honeys.

“Coming out of a period of extremely low interest rates, many Australians may have become used to some luxuries that are too difficult to let go of, such as going out for dinner or drinks regularly,” says licensed financial adviser and Money.com.au spokesperson Helen Baker.

“With the stark rise in rates, many consumers haven’t yet changed their behaviours to accommodate the higher market rate and could be racking up more debt than they were previously.

“If this is your partner, a good idea is to review their spending with them and consider: are they spending more because prices increased, or are they just spending more?”

She says that finances should always be kept separate in the early days of love. “Once you have a stable, long-term relationship, there should be a conversation to understand each other’s money habits and financial histories.

“It’s critical to remember that once a joint credit card is opened, partners are carrying each other’s debt risk.

“A partner’s personal bank account spend won’t impact your credit score, [but] their spending on a joint credit card may, if they cannot make repayments on time.”

So, if your partner’s credit score is low, you may struggle to secure joint mortgages or other loans down the line.

“To keep autonomy over a relationship, it would be a good idea for people to keep an emergency fund in case they ever need to leave the relationship,” says Ms Baker.

Like with most aspects of relationships, communication is key.

“Set clear boundaries on your joint spending and agree on what you each deem wasteful – as people may have different interpretations of what is wasteful to them.”

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