Finances and feelings: Harsh economic realities taking a toll on relationships among Canadian couples - RBC poll
- 55% relying on being in a relationship to support their lifestyle
- 62% arguing with their partner over finances
- 77% stressing about money
TORONTO, Dec. 12, 2024 /CNW/ - Canada's high cost of living is causing harsh financial realities for many couples, with more than half (55%) reporting they need to be in a relationship to pay for their lifestyle, according to the RBC 2024 Relationships & Money Poll.
Money was called out as a source of stress by more than three-quarters (77%) of the couples who were polled, as well as the cause of arguments by three-in-five (62%). In addition, almost a quarter (23%) admitted that it's never been more stressful to talk to their partner about their finances, with two-in-10 (20%) flatly stating their partner 'simply avoids talking to me about finances'.
"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.
Poll findings indicated that couples are finding financial conversations challenging and one of the underlying reasons is because they don't agree with how their partners deal with money:
- 47% of respondents believed they handle finances better than their partner
- 27% acknowledged they are frustrated by their partner's financial habits
- 15% disclosed these habits are having a negative impact on how they feel about their significant other
Another key poll finding: Even when couples talk, action doesn't always follow. A quarter (26%) responded that, while they talk about improving their money situation together, they don't know what to do next.
Bannon offered a few suggestions to help take some of the stress out of money conversations and set up actions to follow.
- Being honest with yourself and your partner about the money coming in and going out is such an important first step
- Begin by looking at shared expenses together, to see how you're each handling your own expenses and then see what adjustments you both could make to ease any financial stress you're feeling
- Follow through on those adjustments and review the actions you've been able to take as part of regular conversations with each other about money – monthly if you can – to help you both stay on top of your financial goals and progress
- If you and your partner are finding it difficult to talk with each other about your finances, you could consider asking one of our advisors to join the conversation. It can be helpful to have an objective voice in the room
- And last, but never least, if you and your partner don't already have a household budget in place to help you manage your cash flow, now's the time to create one. This may seem like a homework assignment, but there are many online templates that can make this easy to do, including our RBC cash flow calculator. You'll readily see the value a budget can bring to your lives, as it will clearly show you both where your money is going now, compared to where you would like to see it go
Additional financial advice and resources, including articles about marriage and money, can be found at rbc.com/mymoneymatters.
Fast Facts: RBC 2024 Relationships & Money Poll
National & Regional Findings
"AGREE" RESPONSES * | CAN | BC | AB | SK / MB | ON | QC | AC |
Financial stability is an important quality I look for in a partner | 80 % | 77 % | 80 % | 79 % | 82 % | 82 % | 75 % |
We are stressed about money | 77 % | 80 % | 81 % | 84 % | 78 % | 66 % | 81 % |
I disagree with my partner about financial matters | 75 % | 73 % | 80 % | 78 % | 76 % | 69 % | 81 % |
We argue about money | 62 % | 62 % | 72 % | 62 % | 63 % | 53 % | 67 % |
I need to be in a relationship to pay for my lifestyle | 55 % | 56 % | 54 % | 60 % | 58 % | 50 % | 53 % |
I couldn't afford to split up with my partner/couldn't afford to pay my bills without being in a relationship | 47 % | 49 % | 49 % | 54 % | 50 % | 37 % | 53 % |
I believe I handle finances better than my partner | 47 % | 51 % | 47 % | 40 % | 50 % | 43 % | 51 % |
The financial benefits outweigh any negatives of my current relationship | 40 % | 42 % | 42 % | 41 % | 42 % | 32 % | 49 % |
My partner's financial habits frustrate me | 27 % | 27 % | 26 % | 21 % | 29 % | 23 % | 32 % |
We talk about improving our money situation but don't know what to do next | 26 % | 28 % | 28 % | 22 % | 28 % | 23 % | 29 % |
It has never been more stressful to talk to my partner about finances | 23 % | 24 % | 29 % | 23 % | 22 % | 19 % | 25 % |
My partner simply avoids talking to me about finances | 20 % | 24 % | 21 % | 20 % | 22 % | 15 % | 18 % |
My partner's financial habits are having a negative impact on how I feel about them | 15 % | 16 % | 13 % | 10 % | 17 % | 13 % | 17 % |
* Note: Data excludes N/A responses. | |||||||
About the RBC 2024 Relationships & Money Poll
These are the findings of a national survey commissioned by RBC and conducted from June 21 to 26, 2024, among n=1,507 Canadians 25+ who are in a cohabitating relationship and are members of the Angus Reid Forum. The sample frame was balanced on gender and region according to the latest census data. For comparison purposes only, a probability sample of this size would yield a margin or error of ±2.5 percentage points at a 95% confidence level.
Disclaimers
RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.
This is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up to date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
About RBC
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SOURCE RBC Royal Bank
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