ING DIRECT survey finds 92% of Canadians say it's important for them to
date someone with a similar outlook on money
TORONTO, Feb. 7, 2012 /CNW/ - Opposites may attract when it comes to
matters of the heart, but when it comes to finances, an overwhelming
majority of Canadians think it's important to date someone with a
similar outlook on money. This is especially true for women, with 58%
saying it's very important to date someone who shares a similar view on
money compared to 43% of men.
According to the Angus Reid survey commissioned on behalf of ING DIRECT,
money is the least comfortable topic for couples to discuss with one
another, with politics, religion and sex all ranking higher on the
comfort scale. Money doesn't seem to be an easy or desirable subject to
approach: single Canadians said they need to go on an average of six
dates before talking about money, but only five dates before
considering sex with someone they were interested in pursuing a
long-term, serious relationship with.
"Money isn't always something couples discuss when they fall in love,
nor is it a subject they rush to talk about, but it is certainly
something that should be on the radar," said Preet Banerjee, personal
finance columnist, blogger and financial expert on the W Network.
"Having dramatically different views about financial wellbeing can
cause major issues in a relationship down the road. Knowing how your
partner views money, spends money and plans for the future are
important considerations in a relationship, and topics that should be
discussed sooner rather than later. Money shouldn't be a taboo subject
Having the money talk
Though money isn't a comfortable subject to discuss, 89% of Canadians
said it's important for them to know about their partner's finances,
including income, debt, assets and investments. Despite this, only 50%
of Canadians said they know everything about their partner's finances,
while 28% indicated they know a lot about their partner's financial
matters. One in five Canadians (19%) know only a little, or nothing,
about their partner's money matters.
Canadians also have a lengthy list of money topics they feel they need
to discuss before committing to a serious, long-term relationship. The
most popular topics include debts, like mortgages, car loans, lines of
credit and credit cards (42%), how expenses will be shared (36%) and a
list of monthly expenses (33%). Only 21% of Canadians mentioned the
importance of discussing if and how finances would be merged.
Joint or separate? How do couples manage finances?
Over a third of Canadians indicated they keep their money in separate
accounts from their partner, compared to one in five common-law or
married couples who said they kept their money in separate accounts.
Managing the finances also appears to be a bit of a balancing act: 49%
of common-law or married couples said they manage their finances
together, while nearly a third (32%) identified that either they or
their partner take the lead on managing finances.
"Love is emotional and, at times, irrational. We can't expect people to
treat it like a business. However, as you become more involved with
someone, money is a subject you should keep in mind," said Peter Aceto,
President and CEO of ING DIRECT Canada. "Couples usually ensure they
have similar views on marriage and having children before getting too
close. Determining whether or not you and your partner have the same
views on money is equally important. Couples need to discuss what each
partner is bringing to the table in terms of their finances, and decide
how they're going to manage those finances going forward."
Generally, Canadians seem pretty content with their partners when it
comes to their money habits, with almost half of Canadians (49%) saying
they have no pet peeves about their partner when it comes to money.
Nine per cent of Canadians felt their partners spent too much money,
while 8% felt their partners weren't concerned about the future or
retirement. Canadians who identified themselves as being in a
relationship, but not married or common law, were slightly more
passionate when it came to identifying pet peeves they have about their
better half's financial habits: 14% said their boyfriend or girlfriend
was too frugal, while an equal number said their partner makes
expensive, impulse purchases.
About ING DIRECT
ING DIRECT is Canada's leading direct bank with over 1.8 million Clients
and more than $37.6 billion in total assets. ING DIRECT gives the power
of saving to all Canadians by offering high-value, simple products such
as high interest Savings Accounts with no fees or service charges, low
rates on mortgages and a no-fee daily Chequing Account that actually
pays interest. Low cost, index based mutual funds are sold through ING
DIRECT Funds Limited. ING DIRECT has been operating in Canada since
1997 and paid more than $5 billion in interest to Clients. ING DIRECT
is open for banking 24 hours a day, 7 days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3743).
About the Survey
From January 25 - January 26, an online survey was conducted among 1005
randomly selected Canadian adults who are Angus Reid Forum panelists.
The margin of error—which measures sampling variability—is +/- 3.1%, 19
times out of 20. The results have been statistically weighted according
to the most current education, age, gender and region Census data to
ensure a sample representative of the entire adult population of
Canada. Discrepancies in or between totals are due to rounding.
For more information
SOURCE ING DIRECT
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