How economic pressures are straining Canadian relationships
Love and money can be wonderful, but they are also the two things that cause more stress and relationship breakdowns than anything else.
But how are Canadian couples navigating the potentially toxic mix of love and money, especially given the pressure that economic conditions have brought in recent years? A new Angus Reid Forum survey of cohabiting couples from RBC reveals some interesting findings.
More than three quarters of respondents cited money as a source of stress and more than six in ten said it was a source of arguments within the relationship. Almost a quarter said now is the most stressful it’s ever been talking about money while 20% said their partner will not talk to them about financial matters. But even when couples do discuss money, they often don’t know what to do next.
Almost have of those who took part believe they are better at handling finances than their partner and 27% find their partner’s financial habits frustrating, with 15% saying this is such a big issue that it has led to them having a more negative view of their partner.
"If you're one of the couples struggling to make ends meet right now, you may not think a bank can help. We want you to know that we've worked with many Canadians who are trying to cope with challenging circumstances. Whatever you're facing, we'll have options for you to consider," said Craig Bannon, director, regional financial planning support, RBC.
The survey also found that how someone manages their finances could be a deciding factor in choosing a partner with 80% saying that financial stability is an important quality they look for.
With the cost of living in Canada having risen in recent years, more than half of respondents said that they couldn’t afford their lifestyle if they weren’t in a relationship and 47% couldn’t afford to pay their bills without being in a relationship or couldn’t afford to split up with their partner.
