More than half of couples say relationships are essential for managing expenses
Canadian employers and sponsors are being urged to work with their young employees around financial wellness.
Findings from the RBC 2024 Relationships & Money Poll found Canada's high cost of living is imposing financial pressures on many couples, with 55 percent stating they need to be in a relationship to maintain their lifestyle.
The poll highlights that money is a significant stressor for couples. More than three-quarters (77 percent) identified finances as a source of stress, while 62 percent cited money as a cause of arguments.
Nearly a quarter (23 percent) noted that discussing finances with their partner has never been more stressful, and 20 percent reported that their partner ‘simply avoids talking to me about finances.’
The survey revealed that financial discussions are challenging for many couples.
Disagreements over money management were identified as a key issue among respondents. Nearly half (47 percent) believed they handle finances better than their partner, while 27 percent expressed frustration with their partner's financial habits.
Additionally, 15 percent admitted that these habits negatively affect their feelings toward their significant other.
Even when couples engage in conversations about improving their financial situation, actions often fail to follow.
More than a quarter (26 percent) admitted to not knowing what steps to take next despite discussing potential improvements.
Craig Bannon, director of Regional Financial Planning Support at RBC, acknowledged the financial struggles faced by couples.
“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,” he stated.
Bannon offered suggestions to ease financial stress and facilitate effective money conversations:
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Be honest with your partner about income and expenses.
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Review shared and individual expenses to identify potential adjustments.
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Follow through on these adjustments and discuss progress in regular, ideally monthly, conversations.
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Consider involving an advisor to provide an objective perspective if discussions become challenging.
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Create a household budget using tools like RBC’s cash flow calculator to manage cash flow effectively.
