Despite bumps in the road, Canadian couples are working it out,
according to Investors Group poll
WINNIPEG, July 9, 2013 /CNW/ - Financial worries impact three-of-ten
Canadian couples (32 per cent) who admit to sometimes, often or always
having disagreements about money, the latest Investors Group poll
reveals. Additionally, half (50 per cent) admit to knowing other
couples who argue about personal finances.
"Apprehensions about essential personal finance matters can be difficult
for couples to address openly, sometimes leading to friction," said
Christine Van Cauwenberghe, Assistant Vice President, Tax & Estate
Planning, Investors Group. "The key to success is to talk frankly and
regularly about personal finance issues to find common ground and make
solid financial decisions together to plan for the future."
The Investors Group survey included 1,192 Canadians who are married or
living common-law who were asked about the spending behaviours of their partners and their approach to personal finance matters.
Spending and saving
Investors Group's survey found that one-in-seven (14 per cent) Canadians
try to convince their partners to spend less. However, 26 per cent say
they are encouraged to save because their partner is a saver.
Eighteen per cent of Canadians have kept a secret from their partner
about how much money they have spent, saved or have hidden. Thirteen
per cent of females admit to secret spending, compared to only six per
cent of males.
When faced with the uncomfortable news of finding out your partner has
spent too much on an item, nearly one-in-five couples (18 per cent)
choose to ignore it. Another six per cent confront their partner and
suggest they return the item. Six-in-ten couples (59 per cent) bring it
to their spouse's attention and express their genuine concern.
"No matter your financial situation, keeping track of spending habits is
easiest when you develop a budget together and both agree to abide by
it," said Van Cauwenberghe. "That way there are no surprises down the
road and this sort of exercise helps develop a comfortable space in
which you both can discuss money more often."
Tough love
So what happens if you need to regulate your partner's spending?
One-in-five (21 per cent) Canadians say they have used an 'allowance'
system to control the spending habits of their partner. Ninety-per cent
of Canadians who use this approach are satisfied with the outcome.
Top of mind worries
While every worry does not turn into a disagreement, a majority (60 per
cent) of Canadian couples identified saving for retirement as their
number one concern. This tops paying off debt (52 per cent) and having
enough for day-to-day living expenses (49 per cent).
Despite these top-of-mind concerns, the survey shows a majority of
Canadian couples seem to agree on most issues including financial
matters such as budgets, major purchases, spending and saving (67 per
cent), as well as non-financial issues like extended family (66 per
cent), relationship (65 per cent), household tasks (61 per cent) and
raising and caring for the children (59 per cent).
Talk it out
When it comes to having important discussions, Canadians vary depending
on the subject. Almost half of Canadians couples (48 per cent) feel it
is important to have regular discussions about managing their
children's activities. Seventy per cent of couples say it's vital to
have conversations about general household operations such as daycare,
cleaning, maintenance and repairs and 75 per cent say they regularly
touch base on their personal saving and spending. Lastly, when
discussing family outings and entertainment costs, half of Canadians
agree it is important to speak about it while another 49 per cent say
it isn't.
Additional highlights
-
68 per cent of couples share financial duties and make decisions
jointly, whereas 19 per cent like their independence and hold separate
bank accounts with defined responsibility for specific expenses.
-
Of all age groups, boomer couples (45-64 years of age) are the most
compatible with each other's spending behaviour (81 per cent).
-
Concerns about paying off debt among Canadians peaks at 67 per cent for
young couples (age 25-34 years) and at 64 per cent for couples age
35-44 years.
-
Paying down the mortgage is a concern for 36 per cent of Canadian
couples. Of all age groups, younger Canadians between the ages of 18-24
years are most concerned (64 per cent).
-
Gen Y Canadians (age 35-44 years) and younger Boomers (age 45-54 years)
are equally worried about saving for retirement (75 per cent) and the
most likely to be concerned about this issue.
-
Concern about saving for retirement is less worrisome for older Boomers
(age 54-64 years) but more than half (54 per cent) are still concerned.
More media information, including an infographic, executive summary of
survey highlights and Money Management and Planning Tips for Couples,
is available on the Investors Group Media Room.
About the Survey Methodology
This data was gathered through teleVox, Harris/Decima's national
telephone omnibus survey. The data was collected from May 30 to June 9,
2013 among Canadians who are married or are in a common law
relationship. In total, 1,192 interviews were completed. A sample of
the same size has a margin of error of +/-2.8% 19 times out of 20.
About Investors Group
Investors Group, founded in 1926, is a national leader in delivering
personalized financial solutions to Canadians through a network of
approximately 4,500 Consultants located throughout Canada. In addition
to an exclusive family of mutual funds and other investment vehicles,
Investors Group offers a wide range of insurance, securities, mortgage
and other financial services. Investors Group is a member of the IGM
Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of
Canada's premier financial services companies with approximately $125
billion in total assets under management as of June 30, 2013.
SOURCE: Investors Group Inc.
