Looking for matrimonial longevity? Then stay away from financial dishonesty!!

BY MICHAEL THOMAS

“Canadians are determined not to let anything get in their way of celebrating Valentine’s Day.” ~  Adriana Molina (Communications Manager for Credit Canada)

Have you ever wondered why the divorce rate is so high? Why some relationships don’t last even though these couples are sexually faithful? Well, according to a new survey from Credit Canada the answer could be as simple as not telling the truth to your spouse about your financial situation.

The 2020 Dysfunctional Debt Survey – an Angus Reid poll of 1,552 Canadians, sponsored by non-profit credit counseling agency Credit Canada – found that one-in-three Canadians, 33% either have ended or would end a relationship because of their or their partner’s debt.

The survey revealed that the leading financial reason cited for ending a relationship was hidden debt, which came in at 71%. This was followed by poor money management or bad spending habits at 48%. In the number three spot was income (yours or your partner’s) at 13%.

In this poll, the gender divide played a huge role. Females are much more likely than males to end a relationship over financial issues. 76% have ended or would end a relationship over a lack of financial honesty compared to 65% of men. Similarly, 52% of women have ended, or would end their romance due to poor money management and poor spending habits compared to 44% of men.

Debt can create ill-feelings between couples, in terms of how debt makes people think and feel. The numbers were higher in this survey than in a similar, but not identical survey done by Credit Canada in 2018.

• Specifically, 46% of respondents find that debt makes them feel frustrated (vs 18% in 2018)
• 39% find that debt makes them feel depressed (vs 12% in 2018)
• 31% find that debt makes them feel embarrassed/ashamed (vs 8% in 2018)

According to Credit Canada, there are eight very helpful tips on how to break up with debt.

• Step # 1: Find out exactly what you owe
• Step # 2: Determine your monthly income and expenses
• Step # 3: Adjust your spending plan or budget
• Step # 4: Consider different repayment strategies
• Step # 5: Use any extra funds to pay off debt
• Step # 6: Avoid new debt
• Step # 7: Consider a low-interest loan
• Step # 8: Just do it

According to a report from Global News, a top Canadian bank survey suggested that Canadian spouses will sooner forgive a cheating partner than to overlook money issues. A poll by the Bank of Montreal (TSX: BMO), showed 68% said that money problems would be the top reasons to get divorced followed by cheating at 60%, and family feud coming in at 30%.

A study conducted by Ipsos polls Canada revealed that only 49% of Canadians ‘always tell the truth’ when it comes to discussing their finances with others, including their partner/spouse.

Credit Canada has a piece of advice for folks who are in this kind of marriage, there is no point in prolonging a bad financial relationship. Once you have gotten out of this unhealthy relationship with debt, don’t repeat the old habits you once had, and you will be able to live happily ever after.