A recent poll conducted by Simplii Financial reveals that financial matters are a significant source of stress for many Canadians in their relationships.

The poll found that four in ten Canadians (38%) consider money to be a major cause of stress. This feeling is particularly pronounced among younger individuals, aged 18 to 34, with 46% reporting financial stress.

Moreover, nearly one in three Canadians in this age group (32%)have experienced a breakup due to financial issues.

Jimmy Dinh, Managing Director of Simplii Financial, emphasized the importance of effective communication and shared financial strategies in romantic relationships.

He stated that while money can’t buy love, personal finances can make or break a romantic relationship. The good news is that effective communication and a few simple tips can go a long way to help.

The survey, which included married individuals, those living common-law, and those in committed relationships, highlighted the value Canadians place on financial compatibility. A striking 94% of respondents emphasized the importance of being on the same page regarding household finances.

However, despite this desire for financial harmony, one in three Canadians (33%) feel as though they are managing their personal finances alone.

Relationship expert Jen Kirsch underscored the importance of trust, communication, and shared goals in achieving financial compatibility. Kirsch stated that “financial compatibility is not just about numbers; it’s about trust, communication, and shared goals. Open dialogue about money is essential for building a strong foundation in any relationship.”

Conversations surrounding finances remain a point of contention for many Canadian couples, with only half (50%) reporting discussing money with their partner every week. Nevertheless, eight in ten respondents agreed that they and their partners make a great team when it comes to managing money.

Despite this, three in four respondents (73%) acknowledged room for improvement in managing finances within their partnership.

They offered several tips for enhancing financial compatibility within relationships, including splitting expenses equally into a joint account, setting savings goals together, and creating a comfortable atmosphere for financial discussions.

The poll was conducted by Ipsos between February 2 to 7, 2024, on behalf of Simplii Financial, with a sample of 1,500 Canadians aged 18 and above, including 951 individuals who are married, living common-law, or in a committed relationship.

It has a credibility interval of ±3.6 percentage points. They serve approximately two million Canadians, provide direct banking services with 24/7 access to online, mobile, and telephone banking, along with no monthly fees. For more information, visit www.simplii.com.