Canadian couples agree staying power requires financial chemistry

Majority of committed Canadians prize compatibility in terms of financial goals and spending habits

Canadian couples agree staying power requires financial chemistry

Money might not be the end-all and be-all of romantic relationships, but it can impact a couple’s decision to stay together. And according to a new survey from RBC, it all comes down to chemistry.

In the newly released RBC 2020 Relationships and Money Insights Poll, 85% of Canadians with partners agreed that for a relationship to last long-term, both parties must have similar financial goals and habits. That belief was most strongly held by respondents from Saskatchewan/Manitoba (90%), those from the Atlantic provinces (89%), and Ontario (87%).

Eighty-five per cent of survey respondents also asserted that finances are an important component of any relationship. In line with that, two thirds (66%) said that the more financially stable their partner is, the more likely they are to be a long-term romantic option.

As for starting a relationship, 80% said speaking with a prospective partner about finances is a crucial step to take before getting involved. An even greater majority (91%) said a similar philosophy on spending and saving is important in a potential partner. Almost two thirds (62%) said they could walk away based on the state of the other person’s finances.

“When you're committing to a relationship, you're inviting that special someone into your life, along with their finances," said Sandra Abdool, regional financial planning consultant, RBC Financial Planning in a statement. “[A]s a couple, it's important to set clear financial boundaries to make sure you're on the same page when it comes to spending, saving and managing your money.”

Financial boundaries were a clear priority identified by 81% of respondents; nearly seven tenths (69%) admitted they would only share finances with their partner if that partner were financially stable.

Having regular money talks with a partner was important to 87% of those polled, with more than three quarters (77%) saying they have such discussions at least once a month. The survey found variations in agenda, with 45% saying they and their partner create shared budgets, 41% coming up with financial goals, and 37% working to save together.

“By having frequent and honest conversations about your finances, you're well on your way to building a sound financial and long lasting relationship together,” Abdool said.


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