Canadian Couples Are Splitting Up Over Money

Four in 10 Canadians say money is a major cause of stress in their relationship, according to a recent Ipsos poll of 1,500 adults, conducted with Simplii Financial.

It’s worse for Canadians ages 18-34. Nearly half of them (46%) said money is a major source of stress in their relationship. One in three in that demographic admitted to breaking up with a partner over money.

A separate survey from 360Lending found that nearly half (45%) of Canadians would rather save money for a down payment on a home than “be in love.”

And a combined 67.3% — 52.1% said “yes” and 15.2% said “maybe” — have chosen to spend less on their partner during the past 12 months due to mortgage or rent payments.

35% of Canadians admitted that mortgage or rent payments have hurt their love life, while a whopping 80% of Canadians said they would rather save money for a down payment on a house or condo than get married. 94% of Canadians say it’s important to be on the same page when it comes to finances…

According to respondents, the top reasons for incompatibility included:

• having different financial habits (44%)
• one partner earning and/or spending more than the other (41%)
• being defensive about finances (29%)
• having different levels of financial literacy (26%)

The top reasons for financial compatibility include:

• being honest with each other about finances (59%)
• not hiding spending or debt from one another (56%)
• being able to talk openly and often about money (50%)
• accepting the spending priorities of their partner (44%)