Money is one of the biggest stressors in a relationship, and that may be why many Canadians are avoiding conversations about finances and even hiding debt from their significant others.
According to Manulife Bank of Canada’s annual debt survey, one in five Canadians try to avoid talking about money altogether. Although two in five Canadians do talk about money with their partner, half of them said those conversations can cause tension in their relationship.
Manulife Bank president and CEO Rick Lunny called money and debt “one of the most difficult things couples will ever discuss.”
“The trick is to get these issues out in the open and having an open and frank discussion about them,” Lunny said in a release.
Some indebted Canadians are also hiding purchases from their partners. One in 10 admitted to hiding a purchase from a loved one, and the same percentage have lied about about a purchase’s cost. While most of these purchases are under $1,000 (63 per cent), 8 per cent of men have hidden a purchase of $15,000 or more.
Two in five Canadians who owe money also said their debt negatively impacts their mental health. Most Canadians who have a lot of debt (70 per cent) say the same. One in three of those people say their debt keeps them up at night.
Canadians cutting back on spending
The Manulife survey also showed Canadians are bracing themselves for rising interest rates by cutting back on spending on both essentials and extras.
The poll, conducted by Ipsos for Manulife, surveyed 2,003 Canadians in all provinces, between the ages of 20 and 69, with household incomes of more than $40,000, from May 11-14, 2018. National results were weighted by gender, age, region and education. This survey has a credibility interval of +/- 2.5%.
With a file from The Canadian Press
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Originally posted on: https://www.huffingtonpost.ca/2018/07/27/relationships-debt-canada-manulife_a_23491035/
Published: 27 Jul, 2018 By Jessica Chin