Love or money? Half of Gen Z Canadians want a prenup: TD survey

Gen Z proved to be the most money-conscious in relationships, with 65 per cent saying their partner's net worth is important when pursuing love

TORONTO, Feb. 11, 2025 /CNW/ - When it comes to love, a new TD survey is revealing that Canadians are not only prioritizing their hearts, but also their wallets. The study, which polled Canadians aged 18 and older, found more than half of Gen Z (52 per cent) want their partner to sign a prenup if they get married or enter a common-law relationship, compared to the already-high national average of 31 per cent.

Among Canadians surveyed, Gen Z showed the strongest feelings around finances in relationships, with 65 per cent saying their partner's net worth is important to them when starting a relationship, compared to the national average of 57 per cent. In addition, one in four Gen Z respondents admitted they likely wouldn't date someone who earns less than them.

"We know that finances can be a big stressor in relationships and are clearly on the minds of many Canadians, especially Gen Z," said Nicole Ewing, Principal, Wealth Planning Office, TD Wealth. "Working together with your partner to tackle money conversations head on could help bring you both understanding and clarity in your relationship and respective financial futures."

Despite Gen Z taking the most definitive stance, all Canadians expressed strong concerns about finances in their relationships, with the survey uncovering some of the country's top relationship dealbreakers:

• 71 per cent would consider breaking up with a partner if they discovered they were being dishonest about their finances;
• 65 per cent would consider a breakup if their partner never offered to pay for anything, and;
• 56 per cent may break up over a partner's bad spending habits.

Cards on the table

Despite seven in 10 Canadians surveyed agreeing that financial transparency and responsibility were important factors in a relationship, 41 per cent of couples say they only had the "money talk" with their partner after they had moved in together, or around when they got married or became common-law. For nearly a quarter (23 per cent) of Canadian couples, the money talk didn't happen until after moving in together.

That delayed money talk appears to be impacting budgeting habits, with almost half (48 per cent) of Canadians admitting they don't set a monthly budget with their partner. In fact, of couples that do, 46 per cent say their partner only sticks to that budget some of the time or not at all.

"With 43 per cent of Canadians citing a partner's debt load as an important factor in a relationship, it underscores that a key component of financial health as a couple is making sure you agree on your financial goals so it's wise to have that conversation early to ensure you're both on the same page," added Ewing. "Whether you're saving for a wedding, a down payment on a home or retirement, developing a shared financial plan alongside a qualified professional can encourage more open and frequent conversations about money with your partner – and help you stay focused on your priorities."

Building your financial plan

For singles and couples alike, establishing financial goals and developing a clear understanding of your spending preferences is essential. Whether you're looking to build a budget or create a plan with your partner to reach your shared investment goals, it's always a good idea to consider taking advantage of financial advice and available tools.

TD resources include:

• TD Personal Bankers and TD Wealth advisors are available across the country to offer financial advice and help customers with decisions around money matters, personal finances and investments to help achieve their unique financial goals. 
• Using TD Goal Builder, a Personal Banker can provide customized advice to help customers work toward their financial goals, whether they're saving for retirement, a child's education, a home or another major purchase.
• For TD customers, take control of your savings and spending with the TD MySpend app, the tool that gives financial control – and confidence – right at your fingertips. Track your daily and monthly cash flow, create a wish list of savings goals and get insights to help you make these goals happen.
• The TD Ready Advice Hub has information and articles available on a variety of financial topics and investing.
• If you're looking to get started with self-directed investing, TD Easy Trade™, TD's commission-free, easy-to-use mobile app lets you start trading with a few taps. And with partial shares trading in the TD Easy Trade™ app, you can own a piece of the companies you love by investing any amount you want. Your starting investment could be less than what you might pay for a cup of coffee.

About the TD survey

This Maru Public Opinion survey conducted on behalf of TD Bank Group was undertaken by the sample and data collection experts at Maru/Blue. 1,534 randomly selected Canadian adults who are Maru Voice Canada online panelists were surveyed overnight on January 21^st 2025. The results of this study have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. Discrepancies in or between totals when compared to the data tables are due to rounding.

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.9 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank^®, TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 17 million active online and mobile customers. TD had $2.06 trillion in assets on October 31, 2024. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

SOURCE TD Bank Group

For more information: Mick Ramos, [email protected]