Couples fighting, splitting up over money stress, study finds

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Sometimes Cupid’s arrow isn’t enough — especially for couples who are struggling financially.

Four in 10 Canadians say money is a major cause of stress in their relationship, according to a recent Ipsos poll of 1,500 adults, conducted with Simplii Financial.

It’s even more pronounced for Canadians, ages 18-34. Nearly half of them (46%) said money is a major source of stress in their relationship. One in three in that demographic admitted to breaking up with a partner over money.

“While money can’t buy love, personal finances can make or break a romantic relationship,” said Jimmy Dinh, managing director at Simplii Financial.

A separate survey from 360Lending found that nearly half (45%) of Canadians would rather save money for a down payment on a home than “be in love.”

And a combined 67.3% — 52.1% said “yes” and 15.2% said “maybe” — have chosen to spend less on their partner during the past 12 months due to mortgage or rent payments.

In fact, 35% of Canadians admitted that mortgage or rent payments have hurt their love life, while a whopping 80% of Canadians said they would rather save money for a down payment on a house or condo than get married.

“The good news is that effective communication and a few simple tips can go a long way to help,” Dinh said.

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The Simplii survey found that Canadians value compatibility when it comes to money issues and how they are managed, with a whopping 94% saying it’s important to be on the same page on household finances.

That said, 33% of Canadians said they feel like they’re “doing it alone,” while nearly three-quarters (73%) said their partner could be better at managing money.

According to respondents, the top reasons for incompatibility included:

• having different financial habits (44%)
• one partner earning and/or spending more than the other (41%)
• being defensive about finances (29%)
• having different levels of financial literacy (26%)

The top reasons for financial compatibility include:

• being honest with each other about finances (59%)
• not hiding spending or debt from one another (56%)
• being able to talk openly and often about money (50%)
• accepting the spending priorities of their partner (44%)