David ‘Kochie’ Koch reveals the shameful financial mistake many Australians make when it comes to their partners

According to David Koch, financial guru and former Sunrise presenter, many Australians are hiding their poor spending habits from their partners as finances tighten due to the cost of living crisis.

Koch spoke out after new data from Compare the Market revealed that one in three people have lied to their partner about their finances.

This is especially true for younger couples who are struggling with rising rents or mortgage payments.

“What shocks a lot of people I speak to is how many of us keep financial secrets from our loved ones,” Kochie told Daily Mail Australia.

‘People are really forced to save and get more out of their money right now. I bet a lot of us feel ashamed or guilty when we spend a lot of money on a cup of coffee in the morning, when we grab a quick takeaway for lunch or when we buy a new outfit.

“But being dishonest with your partners is an unhealthy habit that can have serious consequences if problems escalate.”

An alarming one in five Australians also lie about gambling, based on a survey of more than 1,000 adults in June.

According to Koch, who is now research director at Compare the Market, gambling debts can prevent a couple from getting a mortgage, as banks have access to applicants’ expenses and debts.

Financial guru and former Sunrise presenter David Koch says too many Australians hide their poor spending habits from their partners (he’s pictured with his wife Libby)

‘Gambling, gambling and excessive spending on lotteries can also reduce your chances of getting a mortgage as many lenders consider these to be high-risk spending and could result in you being unable to repay your loan in the future,’ he said.

A similar percentage also keep the true amount of their personal debts secret from their partners.

More than a quarter of respondents lied about spending money on treats such as coffee and takeaway food, while a similar number lied about spending money on clothes.

One in eight Australians also lied about how much they earned.

“There can be a real shame surrounding money and some people try to protect their loved ones by pretending their finances are in better shape than they really are,” Koch said.

“I don’t know where this mentality comes from, but we need to be better at asking for help when we need it.”

Lying can also be particularly damaging if, for example, a couple is saving for a mortgage or a new car.

He has spoken out after new Compare the Market data revealed one in three Australians had lied to their partner about their finances, as the cost of living crisis puts a strain on relationships.

“If you’re having money problems, is it fair to hide them from your partner, especially if you’re putting money together for a down payment on a house or some other shared goal?”

“If you have a lot of debt and you have a partner or children who depend on you financially, you may have to make some difficult and stressful choices that you cannot make alone,” Koch said.

Financial stress for Australians is expected to increase as the Reserve Bank faces pressure to raise interest rates further when it meets again in August to curb inflation.

The latest figures show that inflation rose by 4 percent in the year to May, well above the RBA’s maximum of 3 percent.

While interest rates have not risen since a 12-year high of 4.35 percent in November, mortgage borrowers have faced the sharpest rate increases since the late 1980s, leading to a 68 percent increase in monthly variable mortgage payments.

Renters have it even harder: Australia is facing a housing shortage fueled by record numbers of immigrants.

IElectricity bills are also rising faster than general inflation, as wages barely keep pace with the consumer price index.