Singles now prioritize financial security over romance, with many unwilling to date partners with high debt
A new survey commissioned by Simplii Financial indicates that financial stability is now a priority for single Canadians in relationships.
More than half (51 percent) of singles would consider ending a relationship due to financial incompatibility, and 74 percent hesitate to date someone with significant debt.
Additionally, 28 percent believe financial compatibility is more important than physical attraction, while 65 percent consider financial security a key factor in dating decisions.
Atanaska Novakova, executive vice-president and head of Simplii Financial, stated, “Canadians are navigating a landscape where financial stability is top of mind and has even become an important relationship flag.”
She added that financial literacy and communication skills are increasingly valued in partners.
The survey further highlights financial stress within relationships.
Nearly half of Canadians aged 18-54 report that money is a major stressor, and 52 percent of couples find it more challenging to manage finances together in the current economic climate.
Furthermore, 72 percent see room for improvement in their financial communication.
Key Findings from the Survey
Economic impact on expectations: Nearly half (46 percent) of singles report that economic conditions have shifted their financial expectations, making financial acumen an increasingly desirable trait in a partner.
Managing finances solo in relationships: Despite being in relationships, 49 percent of Canadians feel they manage their personal finances alone, highlighting a need for better financial communication.
Financial compatibility among couples: Among coupled Canadians, 77 percent consider themselves financially compatible.
The most important factors in this compatibility include not hiding spending or debt (60 percent), honesty (58 percent), and open discussions about money (52 percent).
Financial structures within relationships: Only 44 percent of couples have a shared chequing account, 35 percent generally spend independently, and 33 percent have a shared savings account.
A smaller percentage (30 percent) have a shared financial plan, while just 25 percent follow a joint budget.
Financial discussions: Although 95 percent of couples agree on the importance of financial alignment, only 45 percent discuss finances weekly. The remaining 55 percent talk about money only a few times a month or less.
Among those who struggle with financial discussions, 36 percent admit difficulty, with younger individuals (42 percent of those aged 18-34) finding it most challenging.
Strategies for Financial Harmony in Relationships
Simplii Financial emphasizes the importance of financial communication in relationships, offering practical advice to help couples navigate financial challenges.
Schedule regular financial discussions: Making time for money conversations can help partners stay aligned on financial goals, whether saving for a vacation or planning for retirement.
Develop a joint budget: Budgeting together can strengthen relationships by fostering transparency and accountability, reducing financial surprises.
Respect financial independence: While shared accounts can help manage joint expenses, maintaining separate accounts allows for financial autonomy, ensuring that both partners feel respected.
Simplii Financial encourages Canadians to prioritize financial stability in relationships while reducing stress related to financial management.
