Majority of couples value financial compatibility: poll

Are you and your significant other financially compatible?

According to a recent poll, many Canadians believe financial compatibility is a key part of a healthy relationship.

The poll, entitled the RBC 2020 Relationships & Money Insights Poll, found that 85 per cent of Canadians in a relationship believe having similar financial goals and habits is a prerequisite to a happy and healthy long-term relationship.

Additionally, 80 per cent of Canadians felt it was important to speak with a potential significant other about finances before getting involved in a relationship.

Further, 91 per cent of respondents emphasized the importance of couples sharing opinions on spending and saving, and 62 per cent said the state of a person’s finances could be a deal-breaker.

“When you’re committing to a relationship, you’re inviting that special someone into your life, along with their finances,” Sandra Abdool, regional financial planning consultant for RBC Financial Planning, said in a news release.

“That’s a lot of sharing, and as a couple, it’s important to set clear financial boundaries to make sure you’re on the same page when it comes to spending, saving and managing your money,” she continued.

As well, 81 per cent of respondents said setting clear financial boundaries was a top priority, and 69 per cent said they would not consider combining their finances with their significant other’s unless they knew they were financially stable.

According to the findings, 77 per cent of Canadians in relationships discuss finances with their significant other at least once-a-month, 45 per cent create shared budgets, 41 per cent come up with financial goals, and 37 per cent save together.

“While chemistry certainly counts, today’s couples want financial chemistry and compatibility, too,” Abdool said.

“By having frequent and honest conversations about your finances, you’re well on your way to building a sound financial and long lasting relationship together. Then go a step further–take time to do a reality check with a financial planner who can offer an outside perspective on financial compatibility,” she added.