Valentine’s Day! That one special day when you think of flowers, candy, romance and...a budget?
According to BDO Canada Limited, couples need to book a financial date night to discuss bills, debts, investments and retirement.
The main problem is overspending.
President Doug Jones says according to a new IPSOS poll, 59 percent of Canadians in a relationship would like to change something about their partner’s financial habits.
“We see people everyday who are not on the same page when it comes to money. They have separate debts, separate accounts, no budget and no goals,” according to Jones.
Those pet peeves include overspending and not budgeting, not saving enough, not keeping track of spending, a lack of personal financial knowledge, not investing enough and credit card debt.
He continues “The least likely to discuss finances are baby boomers who were raised with the idea that money is a taboo subject but the positive trend is that millennials do get it and do discuss finances with a romantic partner within the first six months.”
The poll suggests a lot of people are keeping secrets.
.35 percent hide their own spending habits from their partner
. 32 percent don’t reveal credit card debt
.20 percent keep their salary a secret
The poll also finds that 18 percent of Canadians reported never talking about debt and 20 percent admitted to never disclosing their personal debt before marriage.
The way each sex deals with financial issues also differs. The survey suggests women are a bit more open to discussing finances than men, on average.
Jones says the one statistic that has never changed is that “the leading cause of relationship breakups is arguments over money.”
He goes on “if it is not dealt with it just doesn’t go away. It's always there. For a happier life we suggest couples get everything out on the table and tackle it together, set goals and figure out how to make those a reality.”
On the plus side, four out of five Canadians do admire at least one of their Valentine's financial habits whether that be having no credit card debt or having a good savings plan.
As for that suggestion of a planned financial date night, Jones admits “It's not the most romantic subject for February 14th but maybe for the day after.”
For more information on debt counselling: debtsolutions.bdo.ca
