TORONTO – According to a poll conducted by the Royal Bank of Canada (RBC), Canada’s high cost of living is causing harsh financial realities between couples, with more than 55 per cent reporting they need to be in a relationship to pay for their lifestyle.
The poll was conducted from June 21 to 26 among 1,500 Canadians aged 25 and older who are in a cohabitating relationship and are members of the Angus Reid Forum.
The sample frame was balanced on gender and region according to the latest census data.
Money was called out as a source of stress by more than 77% of the couples polled, as well as the cause of arguments by three-in-five or 62%.
In addition, almost a quarter admitted that it’s never been more stressful to talk to their partner about their finances, with two-in-10 flatly stating their partner “simply avoids talking to me about finances.”
Poll findings indicated that couples are finding financial conversations challenging with one of the underlying reasons being they don’t agree with how their partner deals with money – 47% of respondents believed they handle finances better than their partner, with 27% acknowledging they are frustrated by their partner’s financial habits
The poll also revealed that even when couples talk, action doesn’t always follow, as 26% of those polled said that while they talk about improving their money situation together, the reality of what to do next stops them from changing.
