Canada’s high cost of living is causing great stress for a majority of couples, as more than three-quarters (77%) of Canadian couples said money is a major source of stress, according to the RBC Relationships & Money Poll.
Most alarmingly, 47% of Canadians nationwide are reporting they can’t afford pay the bills if they split up with their current partner, showcasing how the impact of the current economy is putting stress on Canadian couples who may feel trapped in a relationship for financial reasons.
Money, stress and romance
When it comes management of the financial burden of Canadian couples, three-in-five (62%) people polled by RBC called out money as the cause of arguments and more than half (55%) said they need a relationship to support their lifestyle.
In addition, almost a quarter (23%) admitted that it’s never been more stressful to talk to their partner about their finances, with two-in-ten flatly stating their partner “simply avoids talking to me about finances.”
While romance is a two-way street, that’s not always the case with financial responsibility, given that 47% of respondents say they handle finances better than their partner.
Another 27% acknowledged they are frustrated by their partner’s financial habits, with an additional 15% disclosing that these habits are having a negative impact on how they feel about their significant other.
What to do about it
A quarter (26%) of couples polled by RBC responded that, while they talk about improving their money situation together, they don’t know what to do next.
"If you’re one of the couples struggling to make ends meet right now, you may not think a bank can help," Craig Bannon, RBC’s regional financial planning support director, said in a statement, noting challenging financial circumstances are not without solutions.
Bannon offered some advice for couples struggling with money or the conversation with money. It starts with being honest with yourself and your partner about the money that’s going in and out.
Then, he encourages looking at shared expenses together to see how you’re each handling your individual expenses and highlight what adjustments you both could make to ease any financial stress you’re feeling. It is important to follow through on those adjustments and review the actions you’ve been able to take as part of regular conversations with each other about money — monthly if you can — to help you both stay on top of your financial goals and see progress.
Bannon recommends that if you and your partner are finding it difficult to talk with each other about your finances, you should consider asking an advisor to join the conversation. It can be helpful to have an objective voice in the room.
Lastly, if you and your partner don’t already have a household budget in place, now’s the time to create one. This kind of homework will empower you to readily see the value a budget can bring to your lives, as it will clearly show you both where your money is going now, compared to where you would like to see it go. Check out our list of Canada’s best budgeting apps to help put the power of budgeting in the palm of your hand.
Survey methodology
The survey was commissioned by RBC and conducted from June 21 to 26, 2024 among 1,507 Canadians aged 25 and up who are in a cohabiting relationship and are members of the Angus Reid Forum. The sample frame was balanced on gender and region according to the latest census data. For comparison purposes only, a probability sample of this size would yield a margin or error of ±2.5 percentage points at a 95% confidence level.
This article Over three quarters of Canadian couples say finances are putting major strain on their relationships — and they can’t afford to leave originally appeared on Money.ca
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
