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Money the deal breaker

Not long ago the deal breaker in a relationship was infidelity.

Not long ago the deal breaker in a relationship was infidelity. In fact, when Nevada’s 1950s quickie divorce law came into being the only recognized grounds for a marital split were infidelity and extreme cruelty.

Today, breaking up legally is easy, no reason required. But increasingly the cause for relationship founder is financial discord.

If you find that hard to believe take a gander at the just released results of a couples and money survey commissioned by Credit Canada and Capital One. Here are some of the high … err… lowlights:

• More than one-third of couples commit to a relationship without having an open discussion about money.

• 86 per cent of couples admit to fighting about money — small wonder when you consider the above point.

• The bickering isn’t occasional either; more than one-third disagree about money regularly.
Women and men aren’t just battling over spending, they have radical differences in their approach to most things financial. For example:

• Nearly half of those in relationships don’t believe they have the same philosophy about financial issues as their partners.

• Men’s worst money fear is not being able to retire. Women’s worst money fear is is not being able to pay for their kids’ education.

And here’s where you see the rot setting in:

• Nearly one-third of women and 27 per cent of men lie to their partner about how much they spend.

• The partner who is not in control of money management is 55 per cent more likely to hide debt from their significant other.

• In 40 per cent of relationships troubled by money, one or the other person believes their spouse will not talk openly about financial issues.

If you’re interested in how well you and your mate suit each other on the money front, try out Credit Canada’s compatibility test, www.crediteducationweekcanada.com.

You have to do it together so let this be the first step in ending the relationship financial divide.

Alison’s Money Rule:
Ever wonder if you made a good match? Don’t look to the stars for an answer; instead check out your financial compatibility.

– Alison Griffiths is a financial journalist, author and host of Maxed Out on the W Network. Write to her at alison@alisongriffiths.ca.

 
 
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