Forget candlelit dinners and love letters—today’s singles are interested in credit scores and financial stability, according to a new survey commissioned by Simplii Financial. Amidst a changing economic landscape, the survey reveals that single Canadians are increasingly prioritizing finance over romance when it comes to choosing a partner.
In fact, of single Canadians, more than half (51 per cent) say they would consider ending a relationship due to financial incompatibility. Further, nearly three quarters (74 per cent) of singles would hesitate to date someone with significant debt, and 28 per cent believe financial compatibility is more important than physical attraction. Overall, financial security has become increasingly important on the dating scene with 65 per cent considering a potential partner’s financial security as a key factor in their dating decisions.
“Canadians are navigating a landscape where financial stability is top of mind and has even become an important relationship flag,” says Atanaska Novakova, Executive Vice-President and Head, Simplii Financial. “In today’s economy, financial literacy and communication skills may be more attractive qualities in a partner than ever before.”
The survey also reveals that money is a major stressor for coupled Canadians, with nearly half of those aged 18-54 affirming this. Additionally, 52 per cent of coupled Canadians agree that the current economic climate has made managing finances together more challenging, and 72 per cent see room for improvement in their financial communication as a couple.
Additional key survey findings:
- The economic impact on expectations. Nearly half of singles (46 per cent) report that current economic conditions have shifted their financial expectations in relationships, as they now look for partners who demonstrate more financial acumen.
- Riding solo. Nearly half of Canadians (49 per cent) feel like they’re managing personal finances solo even within a relationship, which suggests a need for better financial communication.
- Honesty and openness are key for coupled Canadians. Among Canadians in relationships, 77 per cent consider themselves financially compatible with their partners. Key factors for this compatibility include not hiding spending or debt (60 per cent), being honest (58 per cent), and talking openly about money (52 per cent).
- Shared lives, separate finances. Only 44 per cent of couples have a shared chequing account; 35 per cent generally spend independently; and 33 per cent have a shared savings account. Just 30 per cent have a shared financial plan, while only 25 per cent follow a budget together.
- Those three little words: “Let’s talk money” While nearly all couples (95 per cent) agree it’s important to be on the same page financially, only 45 per cent discuss finances weekly, with 55 per cent having these conversations only a few times a month or less. Of the one-third of Canadians (36 per cent) who admit they have trouble talking about money, younger people (42 per cent of 18–34-year-olds) struggle the most.
“Finding love and managing financial conversations aren’t simple, but banking should be,” adds Novakova. “Simplii offers no-fee daily banking and perks that earn cash back on date night so our clients can be a ‘right swipe’ when it comes to finances.”
This Valentine’s Day, Simplii Financial wants Canadians to spend more time enjoying their love lives and less time stressing about navigating financial differences. Here are some ideas to make that happen.
- Make it a date. Schedule regular money talks to ensure both partners are in sync about spending, saving, and financial goals. Use that time to establish short-term and long-term financial goals, like saving for a once-in-a-lifetime vacation or planning for retirement. Goals are easier to attain when you each agree on what they are and what sacrifices will be needed to get there.
- The couple that budgets together, stays together. Budgeting can be bonding. Develop a shared budget that reflects both partners’ incomes and expenses; this transparency and accountability can bring you closer and keep financial surprises at bay.
- Respect financial independence. While working together on finances, consider a shared account for joint expenses while maintaining individual accounts for personal spending. This ensures both partners feel financially independent and respected.