Love and Money: How smart couples financially set themselves up for the future
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February is the month we celebrate love, and whilst chocolates and romantic dinners are wonderful, the healthiest relationships also make room for honest conversations – including the ones about money.
If you’re in a relationship, you’ve probably had the big talks: kids or no kids, city or suburbs, whose family gets Christmas this year. But there’s one conversation many couples avoid until it becomes urgent: money. Specifically, superannuation.
As a financial adviser, I see couples who are years into a partnership suddenly realise they’ve never checked in on each other’s super balances or talked about what retirement might actually look like. The truth is, the couples who make financial planning part of their regular conversations tend to feel more confident and less stressed about their future.
So, here’s how to get on the same page.
Start with the basics
Before diving into strategies, take stock together. What’s your combined income? What are your shared expenses? What are you each contributing to your future through super and savings? What does retirement look like?
Many Canberra couples, especially dual-income households in the public service, look well set up on paper. But dig a little deeper and gaps often appear – particularly around superannuation.
The super gap nobody’s talking about
Superannuation is the second-largest asset most Australians will ever own after their home, yet it’s where some of the biggest imbalances show up. Right now, women aged 60 to64 retired with 25 per cent less super[1] than men due to career breaks, part-time work during caring years, and the gender pay gap.
None of this means someone has “failed” financially. Life stages shift, priorities change. But ignoring the super gap can mean long-term financial stress, especially later in life.
There’s one other important thing: super is considered property under family law, which means it can be split if a relationship breaks down. That makes it even more important that both partners have meaningful super in their own name.
The good news? There are simple, practical strategies couples can use to rebalance things over time.
Smart super strategies for couples
Spouse Contributions
How it works: If one partner earns less than $37,000 per year, the higher-earning partner can contribute directly into their super account and claim a tax offset of up to $540.
Real example: Contribute $3,000 into your partner’s super and get $540 back at tax time. Over 10 years, that’s $30,000 contributed with $5,400 back in your pocket – all growing tax-effectively.
Splitting Super Contributions
How it works: Transfer up to 85 per cent of your concessional (before-tax) super contributions to your partner’s account each year. You get the tax benefit, but the super grows in their balance.
Real example: Salary sacrifice $10,000 into super, then split $8,500 to your partner. You may save around $3,250 in tax, but your partner’s super grows. Over 20 years, this can reduce the super gap by tens of thousands.
Government Co-Contributions
How it works: If your partner earns under $58,445 and makes a personal after-tax contribution to super, the government matches it with up to $500.
Real example: Your partner contributes $1,000, the government adds $500 – an immediate 50 per cent return. Over 10 years, that’s $15,000 contributed with an extra $5,000 from the government, before any investment returns.
Taking action this February
You don’t need a grand financial overhaul. Start small. Start together.
- Log into your super accounts together and check balances, performance, and fees
- Calculate the super gap between you using free online calculators
- Make a joint plan about which strategies suit your situation
- Set up automatic contributions to turn intentions into results
- Consolidate old super accounts to reduce fees (but check insurance first)
- Book a session with a financial planner to tailor strategies to your needs
The bottom line
Building super isn’t just about retiring together – it’s about ensuring both people are financially secure and have choices, no matter what life brings.
So, this February, as you celebrate your relationship, add one more gesture: a super conversation. Because one of the most romantic things you can do is make sure you can both enjoy the freedom, security, and choices that come with a well-funded retirement
Sources and disclaimer
This article was prepared by Evans and Partners Pty Ltd (ABN 85 125 338 785, AFSL 318075) (“Evans and Partners”), a wholly owned subsidiary of E&P Financial Group Limited (ABN 54 609 913 457). The information is general in nature and prepared without considering your objectives, financial situation or needs. You should seek professional advice before acting. Past performance is not a reliable indicator of future performance. Neither E&P Financial Group nor its related entities make any representation as to the accuracy or likelihood of fulfilment of any forward-looking statements. Evans and Partners Financial Services Guide, which sets out our services, remuneration and potential conflicts, is available at eandp.com.au.
