Many Canadian couples open about their finances: survey

Do you think it’s easier to fall in love or strike it rich?

According to a recent survey from TD, 49 per cent of respondents believe the former is the easier accomplishment.

According to the findings, 88 per cent of Canadians are saving for something, and 45 per cent of couples said it has been easy for them to discuss their finances during the pandemic.

Additionally, 49 per cent said the pandemic has fostered more open and constructive conversations about their finances—62 per cent feel they need to reducing spending on non-essential items, while 36 per cent feel it’s better to hold off on large purchases until the pandemic subsides.

Further, 60 per cent of couples said they are struggling to meet their financial goals during the pandemic.

However, it’s not due to a lack of communication—77 per cent of respondents said they bring up finances within the first year of a relationship, while 56 per cent said they discuss financial matters within the first six months.

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Of those who are in a committed relationship, 85 per cent said they discuss their finances on a monthly basis.

Although, while most couples said they discuss their finances openly, not all did—eight per cent of respondents admitted to keeping financial secrets from their significant others.

Of those keeping financial secrets, 62 per cent said they don’t ever plan on disclosing it to their significant other.

Based on the results, 29 per cent of those keeping financial secrets from their significant other were hiding a bank account, while 22 per cent were hiding significant credit card debt.

The findings also indicate millennials are some of the more frivolous spenders—81 per cent of millennials admitted to making unreasonable financial decisions, and for 25 per cent this included frivolous spending.

Moreover, more than half of millennial couples—53 per cent—often don’t agree with their significant other regarding what constitutes a ‘want’ and a ‘need’–

“Candid and frequent conversations about money are an essential part of establishing and maintaining a successful financial relationship,” Frank Psoras, senior vice-president of Customer Strategy, Innovation, and Acquisition, with TD, said in a news release.

“From moving in together, to planning a wedding, buying a home, having a family or saving for education and retirement – every couple has a unique situation. Seeking personalized, financial advice from a professional and developing a plan could help you achieve your financial goals,” he continued.