The economic recession is convincing more newlyweds to discuss financial compatibility before they walk down the aisle in a bid to avoid a leading cause of discord and divorce, say financial advisers.
“A bright light in all of this pullback is that people are now starting to think twice and not jumping off as blindly as before,” says Jeannette Brox, a certified financial planner with the Investors Group.
With young people more at risk of losing their jobs and fears mounting about debt, many young couples have become more cautious about spending that has loaded many with high debt, she said from Toronto.
People have responded by dramatically adjusting their lifestyles. In the U.S., the savings rate has jumped from negative to nearly six per cent.
Frank Wiginton of TriDelta Financial said the biggest mistake couples make is not talking about money and sharing their goals.
