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 expenses.
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 +/- 3.5%.
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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