Finances and feelings: Harsh economic realities taking a toll on relationships among Canadian couples - RBC poll

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55% relying on being in a relationship to support their lifestyle 62% arguing with their partner over finances 77% stressing about money TORONTO, Dec. 12, 2024 /CNW/ - Canada's high cost of living is...

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TORONTO, Dec. 12, 2024 /CNW/ - Canada's high cost of living is causing harsh financial realities for many couples, with more than half (55%) reporting they need to be in a relationship to pay for their lifestyle, according to the RBC 2024 Relationships & Money Poll.27% acknowledged they are frustrated by their partner's financial habits. 15% disclosed these habits are having a negative impact on how they feel about their significant other. And last, but never least, if you and your partner don't already have a household budget in place to help you manage your cash flow, now's the time to create one. 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In addition, almost a quarter (23%) admitted that it's never been more stressful to talk to their partner about their finances, with two-in-10 (20%) flatly stating their partner 'simply avoids talking to me about finances'.\n\"If you're one of the couples struggling to make ends meet right now, you may not think a bank can help. We want you to know that we've worked with many Canadians who are trying to cope with challenging circumstances. Whatever you're facing, we'll have options for you to consider,\" said Craig Bannon, director, Regional Financial Planning Support, RBC.\nPoll findings indicated that couples are finding financial conversations challenging and one of the underlying reasons is because they don't agree with how their partners deal with money:\n\n47% of respondents believed they handle finances better than their partner\n27% acknowledged they are frustrated by their partner's financial habits\n15% disclosed these habits are having a negative impact on how they feel about their significant other\n\nAnother key poll finding: Even when couples talk, action doesn't always follow. A quarter (26%) responded that, while they talk about improving their money situation together, they don't know what to do next.\nBannon offered a few suggestions to help take some of the stress out of money conversations and set up actions to follow.\n\nBeing honest with yourself and your partner about the money coming in and going out is such an important first step\nBegin by looking at shared expenses together, to see how you're each handling your own expenses and then see what adjustments you both could make to ease any financial stress you're feeling\nFollow through on those adjustments and review the actions you've been able to take as part of regular conversations with each other about money – monthly if you can – to help you both stay on top of your financial goals and progress\nIf you and your partner are finding it difficult to talk with each other about your finances, you could consider asking one of our advisors to join the conversation. It can be helpful to have an objective voice in the room\nAnd last, but never least, if you and your partner don't already have a household budget in place to help you manage your cash flow, now's the time to create one. This may seem like a homework assignment, but there are many online templates that can make this easy to do, including our RBC cash flow calculator. You'll readily see the value a budget can bring to your lives, as it will clearly show you both where your money is going now, compared to where you would like to see it go\n\nAdditional financial advice and resources, including articles about marriage and money, can be found at rbc.com/mymoneymatters.\nFast Facts: RBC 2024 Relationships & Money Poll\nNational & Regional Findings\n\n\n\n\n\"AGREE\" RESPONSES * \nCAN \nBC \nAB \nSK / MB \nON \nQC \nAC \n\n\nFinancial stability is an important quality  I look for in a partner \n80 % \n77 % \n80 % \n79 % \n82 % \n82 % \n75 % \n\n\nWe are stressed about money \n77 % \n80 % \n81 % \n84 % \n78 % \n66 % \n81 % \n\n\nI disagree with my partner about financial matters \n75 % \n73 % \n80 % \n78 % \n76 % \n69 % \n81 % \n\n\nWe argue about money \n62 % \n62 % \n72 % \n62 % \n63 % \n53 % \n67 % \n\n\nI need to be in a relationship to pay for my lifestyle \n55 % \n56 % \n54 % \n60 % \n58 % \n50 % \n53 % \n\n\nI couldn't afford to split up with my partner/couldn't afford to pay my bills without being in a relationship \n47 % \n49 % \n49 % \n54 % \n50 % \n37 % \n53 % \n\n\nI believe I handle finances better than my partner \n47 % \n51 % \n47 % \n40 % \n50 % \n43 % \n51 % \n\n\nThe financial benefits outweigh any negatives of my current relationship \n40 % \n42 % \n42 % \n41 % \n42 % \n32 % \n49 % \n\n\nMy partner's financial habits frustrate me \n27 % \n27 % \n26 % \n21 % \n29 % \n23 % \n32 % \n\n\nWe talk about improving our money situation but don't know what to do next \n26 % \n28 % \n28 % \n22 % \n28 % \n23 % \n29 % \n\n\nIt has never been more stressful to talk to my partner about finances \n23 % \n24 % \n29 % \n23 % \n22 % \n19 % \n25 % \n\n\nMy partner simply avoids talking to me about finances \n20 % \n24 % \n21 % \n20 % \n22 % \n15 % \n18 % \n\n\nMy partner's financial habits are having a negative impact on how I feel about them \n15 % \n16 % \n13 % \n10 % \n17 % \n13 % \n17 % \n\n\n* Note: Data excludes N/A responses. \n\n\n\n\nAbout the RBC 2024 Relationships & Money PollThese are the findings of a national survey commissioned by RBC and conducted from June 21 to 26, 2024, among n=1,507 Canadians 25+ 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. For comparison purposes only, a probability sample of this size would yield a margin or error of ±2.5 percentage points at a 95% confidence level.\nDisclaimersRBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.\nThis is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up to date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.\nAbout RBCRoyal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.\nWe are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.\nFor more information, please contact:Kathy Bevan, RBC Corporate Communications, 647-618-2287\nSOURCE RBC Royal Bank\n View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/12/c2560.html","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490903807"}