“Many couples continue to underestimate the emotional implications involved with money; this can lead to miscommunication, disappointment and conflict. Relationship compatibility should also include understanding your partner’s financial goals, spending habits, existing debt and financial obligations,” Ramsay said.
The report also delves into the timing of financial discussions within relationships, finding that over half of couples think money matters should be brought up early on. Engagement seems to be a popular milestone for merging finances, yet there’s a notable fraction of couples who prefer to keep their finances separate, at 18%.
Nearly half of Canadians admit they spend more than they ought to, yet many see their partners as being more thrifty. It also identifies the main financial dealbreakers for Canadians, including mortgage and credit card debt, credit scores, and income differences.
The survey points out generational differences in financial management within relationships. Both Gen Z and younger Millennials are highlighted for sharing financial duties equally but also show higher rates of dishonesty about money and concerns over excessive spending by their partners.