Secrets and lies: financial infidelity in Canada

ARTICLE CATEGORIES


ARCHIVES


Is your spouse or significant other hiding financial information from you?

A strong intimate relationship requires open communication from both partners. Unfortunately, this is not always the case when it comes to finances.

The Financial Planning Standards Council and Credit Canada commissioned a national Leger poll on financial infidelity. The results may surprise you.

According to the survey, over one third of Canadians (36 per cent) have been victims of financial infidelity, with both men and women equally likely to be a victim.

Of those surveyed, 34 per cent admitted to keeping financial secrets from their current romantic partner, and 36 per cent lied about a financial matter.

How a couple conducts financial activity says a lot about their relationship. It’s not just about the money. It’s about personal values and priorities.

Money is a means to an end, and lifestyle is dictated by finances.

When there are secrets and lies about money in a relationship, there are likely differences on how the couple want to live their lives.

These problems are magnified because most Canadians have extremely high debt levels.

The Consumer Advocate for the Financial Planning Standards Council said 50 per cent of Canadians are $200 away from not being able to pay their bills.

Managing debt adds complexity to managing a couple’s finances. It becomes a delicate balancing act between two people who have to coordinate their individual spending habits. Things can get complicated.

Money issues are already one of the primary causes of stress in a relationship. Adding deceit is a recipe for disaster.

These statistics highlight a very real problem between many couples on financial matters.

There is a solution.

Couples should agree on a financial plan. They need to discuss their financial goals and the things they want to achieve together.

It is important to determine specific targets such as paying down debt, saving, and how they both want to invest.

Financial infidelity can ruin a relationship. Good communication between loved ones is key for a healthy financial relationship.