A new survey has found that only a third of couples about to get hitched or enter a common-law relationship have had a serious talk about money. However, the poll conducted by CIBC also found that 99 per cent of respondents admit it’s important to discuss how to plan and manage their finances together as a couple.
Another key finding: two-thirds of those surveyed who plan to marry or live common law are entering their relationship in debt, either student, personal, credit card, or mortgage debt. Yet, their top financial goal within the first two years of tying the knot is to save up for a trip or vacation (46 per cent).
Be open and honest
Nearly two-thirds of those surveyed do not plan to sit down with a financial advisor after their honeymoon or entering a common-law relationship. Yet, almost a third say it hadn't even occurred to them and admit it's probably a good idea.
"Talking about money can be a delicate, very emotional topic, so it does really help to talk to someone who can be impartial, like a financial advisor, to help with difficult questions and concerns,” says Jamie Golombek, managing director, Tax and Estate Planning, Wealth Strategies Group at CIBC.
The poll found couples plan in great detail for their wedding day, but a lot of couples don’t talk about how to plan and handle their finances once they start a life together.
“Talking about money isn't particularly romantic. Before saying 'I do', it's important to make sure you are on the same financial page, otherwise you're setting yourself up for problems down the road,” says Golombek.
If you care about a young couple that is starting their life together, encourage them to talk to an advisor at Four Points Financial Solutions. We'll help them plan to make the most of their financial life together.