Money talks – but most married Canadians aren’t talking nearly enough about it, or their finances, a new survey shows.
Nearly two-thirds of married Canadians regret not spending more time discussing money before tying the knot, according to a new BMO study.
The company found that 62 per cent of married couples “wish they had spent more time discussing their financial situation and plans for the future” before uttering the words “I do.”
Out of those partners expressing regret, nearly 30 per cent wished they’d talked about establishing emergency funds for life’s unexpected expenses, while a quarter said they would’ve liked to identify short and long-term financial goals with their soon-to-be spouses.
Managing everyday household finances and creating and updating a will were also identified by regretful partners as areas they would have liked to address before getting hitched.
Despite most spouses saying they regretted not talking about money earlier in the relationship, 98 per cent surveyed said it’s important to be on the same page with their partner about financial goals – though less than half of engaged couples said they haven’t had an in-depth conversation about future finances.
"While it's encouraging that many couples recognize the importance of being on the same financial page before they head to the altar, our study clearly shows that many are not having thoughtful discussions around finances before marrying," said Caroline Dabu, vice-president and head of BMO Wealth Planning Group.
"By having an open dialogue early on that addresses key issues such as how bill payments will be divided and identifying short and long-term financial goals, you can go a long way toward ensuring that you and your spouse will have a 'prosperous' financial future."
Some other findings from the survey shouldn’t surprise most Canadians – especially married ones.
One-quarter of couples have disagreements about financial matters, and four-in-ten admit they have a different investing style than their partner.
Dabu said one way to work out financial arguments can is to seek the help of a mediator.
“Arguments about money can cause serious issues for a marriage. Bringing a third individual into the discussion, such as a financial advisor, can help provide an objective perspective,” she said.
The survey was conducted by Pollara, which surveyed 1,000 Canadians over the age of 18 between May 27 and 28, 2013.
It claims a margin of error of plus or minus 3.1 per cent, 19 times out of 20.
