TORONTO, Feb. 13, 2013 /CNW/ - With Valentine's Day just around the
corner, love is on the mind of many Canadian couples. But it can be
hard to think about love when money troubles get in the way.
Unfortunately, according to an online survey conducted on behalf of MNP
Ltd., one in four (27%) married and common law Canadians say financial
stress is affecting their relationship. The same survey reveals that
20% of Canadian couples are facing relationship strains due to their
current debt situation.
There are many services available to help Canadians with their debt and
credit problems, but a sizeable portion of respondents don't know the
difference between these services. In fact, three in ten (28%) married
and common law-living Canadians identify that they do not "know the
difference between a credit counsellor, debt advisor and Trustee in
Although almost nine out of ten married or common law Canadians agree
that they are aware of their spouse's debt, as their spouse is of
theirs, the willingness of couples to talk about their financial woes
doesn't mean there's no impact of debt on relationships.
"Talking about your debt with your partner is one thing, dealing with
the mess is quite another and that can cause heartache and more stress.
Finding the right Trustee or credit counsellor can seem simple but you
really have to know what you want in the long term. It can take more
than seven years to re-establish your credit score," says Grant Bazian,
President, MNP Ltd, based in Edmonton. "That means a real commitment on
behalf of you and your partner."
Other Survey Highlights:
Younger married and common law Canadians are most likely to say that
their current financial situation is affecting their current
relationship with their spouse or partner (41%) ahead of middle-aged
(28%) and senior Canadians (16%).
Of married and common law couples, those with children are more likely
than those without kids to say that their current financial situation
has affected their relationship with their spouse or partner (35% vs.
Canadians earning lower incomes (less than $40,000 annually) are most
likely to say that their current financial situation has affected their
relationship with their spouse (39%).
Nearly one in five married or common law Canadians (22%) agree that they
struggle to make the minimum payments on any credit, loans, or debts
they owe, despite 96% of those saying they are aware of how much debt
Two in five couples use credit to pay for normal household expenses.
Regional data - The survey found that married or common law Atlantic Canadians (32%)
are most likely to agree that they struggle to make minimum debt
payments, ahead of Ontarians (25%), Albertans (22%), British Columbians
(18%), Quebecers (18%) and, Saskatchewan and Manitoba residents (15%).
"Dealing with debt can be overwhelming. And this Valentine's Day, when
you're getting ready to purchase that gift for your loved one, you may
want to think twice as to whether or not you can afford more purchases
on your credit card. Is the gift worth the high interest rates and will
it bring more joy, or just more stress, to your relationship?" says
Background About the Study - This poll was conducted by Ipsos Reid for MNP Ltd. between January 23
and 28, 2013. 1,000 married and common law-living Canadians were
surveyed in an online interview. The poll is accurate to within +/- 3.5
percentage points had all married or common law Canadians been
About MNP Ltd.
For more than 50 years, MNP Limited has helped individuals resolve their
financial problems by offering life-changing debt solutions tailored to
each person's unique situation. With government licensed Trustees
located in more than 70 offices in British Columbia, Alberta,
Saskatchewan, Manitoba, Quebec and Ontario, MNP Limited offers an
unparalleled depth of Canadian consumer and corporate insolvency
expertise to those experiencing financial difficulty. For more
information, visit www.MNPdebt.ca.
Image with caption: "Two in Five Married or Common Law Canadians Consider Themselves to Be Struggling Financially. But Who Should They Go To For Help? (CNW Group/MNP LLP)". Image available at: http://photos.newswire.ca/images/download/20130213_C4963_PHOTO_EN_23673.jpg
Image with caption: "Grant Bazian, President with MNP LTD - based out of Edmonton (CNW Group/MNP LLP)". Image available at: http://photos.newswire.ca/images/download/20130213_C4963_PHOTO_EN_23638.jpg
Image with caption: "MNP Ltd (CNW Group/MNP LLP)". Image available at: http://photos.newswire.ca/images/download/20130213_C4963_PHOTO_EN_23646.jpg
SOURCE: MNP LLP
For further information:
Julie Bannerjea, Director of Media and External Communications for MNP LLP at 416-263-6988 or Julie.Bannerjea@mnp.ca. or Randy Mowat, Senior Vice-President, Marketing for MNP LLP at 403-536-5555 or Randy.Mowat@mnp.ca.