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