Agency Scoreboard
Simplii Financial poll finds one in five Canadians have broken up over money
Canadians' relationships and the role of money within them are not always smooth sailing, as indicated by a recent survey conducted by Simplii Financial. Just ahead of Valentine's Day the national brand launches a new campaign to help Canadians become more financially compatible with their partner.
According to their data, four in ten Canadians (38 per cent) say that money is a major cause of stress in their relationship, a feeling that is particularly pronounced amongst young love birds aged 18 to 34 (46 per cent). Nearly one in three (32 per cent) Canadians in this age group have broken up with a partner over money.
The survey of married individuals, those living common law, and those in a committed relationship showed that Canadians value compatibility when it comes to finances and how those are to be managed. Almost all (94 per cent) state the importance of being on the same page when it comes to their household finances. Despite the desire for financial harmony, one in three (33 per cent) feel like they're "doing it alone" when it comes to personal finances.
"While money can't buy love, personal finances can make or break a romantic relationship," said Jimmy Dinh, Managing Director, Simplii Financial. "The good news is that effective communication and a few simple tips can go a long way to help."
What are 4 reasons for financial compatibility?
According to their poll, Simplii Financial discovered these are the top reasons:
- being honest with each other about finances (59 per cent)
- not hiding spending or debt from one another (56 per cent)
- being able to talk openly and often about money (50 per cent)
- accepting the spending priorities of their partner (44 per cent)
On the other side of the love equation, top reasons for incompatibility included:
- having different financial habits (44 per cent),
- one partner earning and/or spending more than the other (41 per cent)
- being defensive about their finances (29 per cent)
- having different levels of financial literacy (26 per cent)
Couples need to be honest and open about money with their partner
Conversations around finances continue to be a point of contention among many Canadian relationships and not everyone is on the same page. Only half of Canadians in a relationship (50 per cent) talk money with their partner on a weekly basis.
Despite the challenges that exist in keeping the lines of communication open, eight in ten agree that they and their partner make a great team when it comes to managing their money. And yet, there is still room for improvement as three in four (73 per cent) acknowledge that their partnership could improve when it comes to managing their money.
Some tips from Simplii Financial on becoming more financially compatible include:
- Splitting the bill - Cohabitating couples may consider making equal contributions to a joint no-fee chequing account for household expenses to ensure costs are split down the middle.
- Cozying up on financial goals - Setting savings goals together can bring couples closer together, whether it's for a special date night, upcoming vacation, house purchase or new baby.
- Dialing up the romance - Conversations around finances can be uncomfortable for couples but the right atmosphere can go a long way. Light some candles and dip into the Valentine's chocolate to make your next conversation a money date.
Agencies behind Valentine's Day Campaign:
- Public Relations: Pomp And Circumstance
- Brand: Simplii Financial
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