Don’t be afraid to talk to your spouse about the M WORD! A new CIBC poll finds that only a third of couples about to get hitched or enter a common-law relationship actually had a serious talk about money. How do you have that “difficult” conversation about $$$ with your significant others?
Key poll findings include:
- Two-thirds (66 per cent) of those who plan to marry or live common law are entering their relationship in debt, including either student, personal, credit card, or mortgage debt. Yet, their top financial goal within the first two years of tying the knot is to save up for a trip or vacation (46 per cent).
- One-third (35 per cent) who plan to marry or live common law say they’ve had the money talk in detail, with 40 per cent saying they’ve only discussed how to manage finances together as a couple “briefly.”
- Of those who admitted they haven’t talked about money before the ‘big day’ or the ‘move-in’ date, most (83 per cent) said they didn’t know either how or when to address the topic or said they plan “to play it by ear.”
- 99 per cent say it’s very or somewhat important to discuss how they will plan and discuss their finances as a couple.