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.
“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.