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For love...and money: Financial chemistry helps create winning formula for long-term romantic relationships

T.RY | February 13, 2020

Two-thirds of Canadian couples link financial stability to relationship success: RBC poll

TORONTO, Feb. 13, 2020 /CNW/ - Successful long-term commitments rely on strong financial compatibility as well as romantic chemistry, according to the RBC 2020 Relationships & Money Insights Poll. The majority of Canadians with partners (85%) felt that having similar financial goals and habits was a prerequisite to their healthy, long-term relationships. Four-in-five (80%) believed it was important to speak with a prospective partner about finances before getting involved in a serious relationship.

RBC Poll: How important is financial chemistry to Canadians? (CNW Group/RBC Royal Bank)

In addition, the vast majority (91%) underlined the importance of prospective partners thinking along the same lines when it comes to spending and saving money, with almost two-thirds (62%) saying that the state of a potential partner's finances could be a deal-breaker.

Setting clear financial boundaries was also a top priority (81%), with over two-thirds (69%) admitting that they would not combine their finances with their partner's unless they knew that partner was financially stable.

"When you're committing to a relationship, you're inviting that special someone into your life, along with their finances," says Sandra Abdool, Regional Financial Planning Consultant, RBC Financial Planning. "That's a lot of sharing, and as a couple, it's important to set clear financial boundaries to make sure you're on the same page when it comes to spending, saving and managing your money."

When it comes to fraternizing with your partner about your finances, it's not just about what you say, but how often you say it, too. More than three-quarters (77%) of Canadians in relationships reported they speak with their partners about finances at least monthly, to create shared budgets (45%), come up with financial goals (41%) and save together (37%).

"While chemistry certainly counts, today's couples want financial chemistry and compatibility, too," adds Abdool. "By having frequent and honest conversations about your finances, you're well on your way to building a sound financial and long lasting relationship together. Then go a step further – take time to do a reality check with a financial planner who can offer an outside perspective on financial compatibility."

Here are tips from RBC to help Canadian couples stay on the same page and reach their financial and life goals together:

Find the budget that's right for you: Discussing finances and setting clear financial goals and boundaries are important for any relationship. By coming up with a shared, realistic budget, Canadians can ensure they are on track with their partners, while leaving little room for surprises down the road. NOMI Budgetstakes the thinking — and the manual calculation — out of setting up a budget for RBC clients. It focuses on five key categories and keeps the client on track by sending regular updates through the RBC Mobile app's budget tracker.

Say "I do" to a shared financial plan: Creating a detailed financial plan and sharing this with your partner can help you work together to reach shared savings goals. Here's where RBC Financial Planning can provide advice to help ensure money is there for you and your partner at various stages throughout your life together – for example, buying a car, getting a mortgage, raising a family and planning for retirement.

Invest for the future: Having a 20-minute conversation with a financial planner or advisor – in a bank branch or from the convenience of your home or office – can help you break the ice with your partner and begin talking about your shared financial goals. RBC's MyAdvisoris an online financial advice service that connects you wherever you are with RBC financial planners and advisors who can give you guidance about how to build your financial future.

National and Regional Findings: RBC 2020 Relationships & Money Insights Poll

POLL QUESTIONS	CAN	BC	AB	SK/MB	ON	QC	AC
Finances are an important aspect of any relationship. (Agree)	85%	83%	84%	90%	86%	85%	89%
I believe that it is important to regularly talk to a partner about finances. (Agree)	87%	85%	89%	90%	89%	83%	94%
It is important to talk finances with a partner before starting a serious relationship. (Agree)	80%	77%	83%	87%	82%	75%	85%
How often do you talk about your finances with your partner? (At least once a month)	77%	83%	76%	76%	77%	74%	83%
What are you currently doing with your partner re: your finances? (Budgeting together)	45%	42%	44%	50%	50%	35%	47%
What are you currently doing with your partner re: your finances? (Setting financial goals)	40%	44%	51%	48%	44%	29%	31%
What are you currently doing with your partner re: your finances? (Saving together)	37%	40%	45%	41%	41%	26%	31%
It's important my partner and I are aligned on how we spend and save our money. (Agree)	91%	89%	95%	94%	92%	87%	98%
Any deal-breakers in a relationship re: partners' financial situations (e.g. poor spending habits, big credit card debt, different financial priorities, no savings)?(Agree)	62%	64%	67%	61%	65%	57%	59%
I believe that having similar financial goals and habits is a requirement for a healthy long-term relationship. (Agree)	85%	79%	84%	90%	87%	81%	89%
I wouldn't combine my finances with partner unless they were financially stable. (Agree)	69%	65%	71%	75%	67%	74%	59%
The more financially stable my partner is, the more likely they're a long-term romantic option for me. (Agree)	66%	60%	63%	68%	69%	65%	71%

About the RBC 2020 Relationships & Money Insights Poll
An online survey of 1000 Canadians who are married, common law, or in a dating relationship (either long or short term) was completed between January 3 and 11, 2020 using Leger's online panel. The margin of error for this study was ±3.1%, 19 times out of 20.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 85,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

(CNW Group/RBC Royal Bank)