From the cost of a wedding to ongoing financial goals, having ‘the talk’ is stressful according to an RBC poll
Money is a key foundation of everyday life but for many Canadians, their financial situation and financial planning is too stressful to discuss with their partners.
Even for those who have recently married or are planning to do so soon, talking about financial matters is a red line with one third of respondents to an RBC poll said they found it hard to talk about finances with their partner, and a similar share saying they were not comfortable discussing each other's current financial situations.
Men are more likely than women to feel uncomfortable being open about finances with their partners but overall nearly half admitted finances are one of the biggest stressors in their relationship.
Three in ten Canadian adults only discuss finances with their partner a few times each year and 5% never do. However, two thirds of respondents are talking finances with their partners more since the pandemic started.
"It's not uncommon to find couples don't always have the same comfort level when it comes to finances. We also know, however, that being on the same page financially and making money decisions together can go a long way toward reducing stress and helping couples build a strong future together," says Stuart Gray, Director – Financial Planning Centre of Expertise, RBC.
Despite the reticence from some, most respondents believe that having similar financial goals and habits - and being aligned on how to spend and save money - are important for a healthy long-term relationship.
Costly coupling
The RBC Love, Money & Marriage Poll also reveals that the cost of getting married is a key stressor in relationships.
One third said planning wedding finances is stressful but this rises to 50% when only one partner is making the decisions. Most respondents are discussing wedding costs as a couple but 3 in 10 report differences in spending expectations.
Homeownership is one major expense that could derail plans for a dream wedding with 71% believing buying a home is more important than an ideal wedding and 64% saying they would delay getting married to buy a home sooner.
