Couples should stop fearing financial planning
TORONTO, Feb. 13, 2014 /CNW/ - With Valentine's Day just around the
corner, love is in the air—but for many Canadians, finances are getting
in the way. According to a survey conducted by Ipsos Reid on behalf of
MNP Ltd., more than 11% of Canadians still keep important financial
information from their partners and 21% agree that their finances
affect their relationship. The survey results point to a need for
better communication about money matters.
Financial management can seem overwhelming with misconceptions often
making debt repayment and saving for the future seem impossible. Age
and family status play a role. Parents (30%) feel more strain than non
parents (17%) when it comes to their relationships because of their
financial status. Married and common-law Canadians aged 18 to 34 are
most likely to say that their current financial and debt situations are
affecting their relationship with their partner.
"Be honest about the debt and assets you carry into a relationship and
decide what you are willing to take on financially as a couple," says
Grant Bazian, President, MNP Ltd. and bankruptcy trustee "Find a
financial advisor or a trustee to work with and become empowered in
your financial decision making. When it comes to debt management and
saving for the future, there are often more options available to
couples than they realize."
Other Survey Highlights:
The lower the income of married or common-law Canadians, the higher the
likelihood they believe that their current debt situation has
negatively affected their relationship (26% of those making less than
$40,000 annually, 27% of those making between $40,000 to less than
$60,000 annually, 19% of those making between $60,000 to less than
$100,000, compared to just 10 % of those making more than $100,000.)
Many Canadians don't know the difference between the various services
available to help with debt and credit problems. Three in 10 married
and common-law Canadians don't know the difference between a credit
counsellor, debt advisor, and trustee in bankruptcy, although most
(71%) say they do.
Two in five respondents agree that they use credit (like credit cards,
lines of credit, overdrafts, etc.) to pay for normal household
What's right for one couple isn't necessarily right for another, in both
love and finances. Bazian encourages couples to be honest about what is
best for them. "Large purchases, like a house, can be more of a status
symbol than a good financial decision. Jumping into a mortgage could be
damaging to a couple's finances and relationship. Make meaningful
purchases that reflect your commitments as a couple, and you'll
experience far less stress on your relationship," he says.
Regional data - According to the survey, relationships in Ontario appear to be the
most affected. Married or common-law Ontarians are most likely to
agree that their current financial (25%) or debt (23%) situation has
had an impact on their relationships. They are also most likely to
acknowledge that they are struggling to make minimum credit or debt
payments (24%). To learn more about this research, please visit http://www.mnpdebt.ca/relationships.
Study methodology - This poll was conducted between January 23 to 28, 2014, on behalf of MNP Ltd.
A sample of 1,031 married and common-law Canadians from Ipsos' Canadian
online panel were interviewed and the poll is accurate to within +/-
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, Ontario and Quebec, 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: "1 in 5 Canadians Agree Finances Affect Their Personal Relationships (CNW Group/MNP LLP)". Image available at: http://photos.newswire.ca/images/download/20140213_C9765_PHOTO_EN_36655.jpg
SOURCE: MNP LLP
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