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20% of B.C. lovers hide money from their partners

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DH Vancouver Staff Feb 09, 2016 10:52 am

A new survey from Vancity Savings Credit Union suggests around 20% of people in B.C. who are married or in long-term relationships hide money from their partners.

Beyond that, 21% admit to bringing debt into their relationships, with an average of $30,000.

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“Everybody likes a great love story, but we often forget that couples need to work together to manage their finances effectively,” said Eleanor Wong, financial literacy program manager at Vancity in a statement.

Indeed, working effectively means being open about your finances. The survey found financial communication among couples was strong: 88% discuss their finances monthly, while 59% discuss it daily or weekly, and 59% check in with their partners before making purchases of $500 or more.

The survey also found in most cases – 62% – one partner makes significantly more or less than the other. Another 57% say one partner handles the day-to-day management of finances.

A good number of people surveyed have joint accounts at 69%, while 31% have separate accounts.

The survey polled 516 people in B.C. from January 26 to February 4.

Vancity also has five tips for managing money successfully as a couple:

  • Understand your partner’s approach to money and work to a common understanding.
  • Even if your partner manages day-to-day finances, you should have a firm grasp on your assets, debts, and documentation.
  • Create spending limits and rules together.
  • Create a realistic budget that works for both of you and includes savings goals.
  • Have a safety net of savings in case something goes wrong to save extra strain on your relationship.
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DH Vancouver Staff
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