A new survey by CIBC indicates that “one in four (27%) married or common-law Canadians acknowledging that financial stress affects their relationship.”
The online survey finds that “a third (35%) of couples planning to get married or live common law within the next 24 months have actually had a serious talk about money” even though they admit it is important to discuss as part of their lives together.
Additionally, the report says “two thirds of those who plan to marry or live common-law bring debt with them into their union.”
A CIBC report based on the survey it titled “For richer or poorer: Financial Planning Tips for Newlyweds”. It provides some tips on identifying your ‘money personality’ and ways of managing joint finances.
The report concludes with a recommendation to speak to a financial advisor, after finding that “63% of those surveyed said they had no plans to speak to a financial advisor” even though they think it’s probably a good idea.
The report was written Jamie Golombek, Managing Director, Tax & Estate Planning, CIBC Wealth Strategies Group.
You can read the report here.