Most Canadians would like to change their partner’s financial habits

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Fifty-nine per cent of Canadians in a relationship say they wish they could change at least one of their partner’s financial habits, says a new Ipsos poll for BDO Canada. However, 36 per cent of respondents say they rarely or never discuss personal finances with them.

Hiding debt

"It's important to be on the same page as your partner financially," says Doug Jones, president of BDO Canada Limited. "Hiding spending habits or debt from your significant other can cause serious financial issues that may require more formal debt relief solutions."

BDO Canada found those with more debt are more likely hide their financial situation from their partners, with 47 per cent saying they have hidden or are hiding something financial from their partner, mostly credit card debt, followed by other spending habits and debt from before their relationship.

Long-term savings goals

Of those who said they wanted to change at least one of their partner's financial habits, 42 per cent of women said they wished their partner would save more for long-term goals like retirement and emergencies, compared to 29 per cent of men.

Nearly three quarters of women (73 per cent) said their partner knew everything about their finances, compared to 66 per cent of men.

As published in The Insurance & Investment Journal by The IIJ Staff Feb. 12, 2018 09:45 a.m.

For help developing the financial habits to achieve your goals, talk to a Four Points Financial Solutions advisor by calling 1-866-235-00014 today.