Click here to close now.


News Feed Item

In Matters of Money, Opposites Don't Attract

58% of Canadian savers admit they wouldn't consider a life with their financial opposite

TORONTO, Feb. 4, 2014 /PRNewswire/ - When it comes to finances and relationships, Canadians insist on two things: being with a partner who shares a similar outlook on money (important for 90%) and knowing about their partner's finances, including income, debt and investments (important for 87% of those with a romantic partner). A new ING DIRECT study found that 60% of Canadians identify themselves as savers, and within this group, 58% said they wouldn't consider marriage or a long-term relationship with someone who identified themselves as a spender.

Not surprisingly, among the 40% who call themselves spenders, the majority (87%) said they would enter into a relationship with a saver.

Whether a spender or a saver, more than half of Canadians (53%) cited managing money as the biggest financial stressor in a relationship, followed by having children (14%), buying a home (11%) and saving for retirement (10%).

Seventy-one per cent of Canadians surveyed said they know a great deal about their current or past partner's finances. A third of respondents in a relationship said they keep money in a joint account with their partner, while another 33% admit to keeping money in separate accounts. Discussing finances is a weekly occurrence for a quarter (26%) of Canadians, while 21% said they talk to their partner once a month about money-related matters. Twenty-eight percent admit to only speaking about the topic with their partner when an issue arises.

"Making time to talk about money and finances is an important part of any long-term relationship, even more so if couples are financial opposites", said Andrew Zimakas, chief marketing officer at ING DIRECT. "If couples make this part of their regular dialogue and share in decisions about their financial wellbeing, they will be in a better position to manage any issues that may arise."

As important as money is in a relationship, only 11% of Canadians have actually ended a relationship for financial reasons. Half of respondents said that they require five or more dates with someone before discussing finances.

When it comes to tying the knot, both spenders and savers said they have pinched pennies. Fifty per cent of respondents said they saved on their wedding, 48% of which were spenders and 52% of which were savers.

Uniting Two Savers

Michael Smith and Imma Aliwalas both consider themselves savers. After experiencing personal and financial hardship in 2013, the engaged couple were uncertain when they'd be able to have their dream wedding. Then the couple came across ING DIRECT's 'For the Love of Saving' wedding contest last September.

The contest asked Toronto-area couples to submit a video explaining how they enjoy date night on a budget for the chance to win an all-expense paid ceremony at the ING DIRECT downtown Toronto Café, and $10,000 in an Investment Savings Account. Michael and Imma's submission was one of the top three videos that were put to an online vote. When notified that they had won, the couple was overwhelmed.

"The ING DIRECT wedding contest has given us an exciting and unique opportunity to create a very memorable experience with our family and friends," said groom Michael Smith. "From the very beginning, we've felt extremely grateful to be part of this, and the $10,000 has really helped get us on the right financial path."

Michael and Imma will be married on February 8, 2014 at the ING DIRECT Downtown Toronto Café, marking the first time in Canada that wedding vows will be exchanged in a bank.

"A wedding in a unique venue like our Café isn't something you hear about every day," said Zimakas. "This is an opportunity to showcase our location in the heart of downtown Toronto and demonstrate how we are helping to change the conversation about money."

Sponsors who helped to make this couple's day a reality include:  Pretty Sweet, Blush Photography + Film, All Seasons, Petal and Paper and Pink Twig.

About the Survey

From January 20th to January 21st 2014 an online survey was conducted among 1,508 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 2.5%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.


ING Bank of Canada, operating under the trade name of ING DIRECT, is a wholly owned subsidiary of The Bank of Nova Scotia. ING DIRECT is Canada's leading direct bank with over 1.9 million Clients and close to $40 billion in total assets. ING DIRECT is a bright way forward in everyday banking for Canadians, offering value added, simple products such as high interest savings accounts, including TFSAs, GICs and RSPs with no fees or service charges, mutual funds, low rates on mortgages and a no-fee, daily chequing account that actually pays interest. ING DIRECT has been operating in Canada since 1997, and has paid over $6 billion in interest to Clients. ING DIRECT is open for banking 24 hours a day, 7 days a week, at, on mobile devices at or by calling 1-800 ING DIRECT (1-800-464-3473).

ING Bank of Canada and its subsidiaries have been acquired by The Bank of Nova Scotia and are no longer affiliated with ING Groep N.V. The trademarks ING, ING DIRECT, ING Lion, the ING Lion logo and any derivation, variation, translation or adaptation thereof are trademarks of ING Groep N.V. and are used under license.


More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult - let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and li...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Achim Weiss is Chief Executive Officer and co-founder of ProfitBricks. In 1995, he broke off his studies to co-found the web hosting company "Schlund+Partner." The company "Schlund+Partner" later became the 1&1 web hosting product line. From 1995 to 2008, he was the technical director for several important projects: the largest web hosting platform in the world, the second largest DSL platform, a video on-demand delivery network, the largest eMail backend in Europe, and a universal billing syste...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driv...
Docker is hot. However, as Docker container use spreads into more mature production pipelines, there can be issues about control of Docker images to ensure they are production-ready. Is a promotion-based model appropriate to control and track the flow of Docker images from development to production? In his session at DevOps Summit, Fred Simon, Co-founder and Chief Architect of JFrog, will demonstrate how to implement a promotion model for Docker images using a binary repository, and then show h...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at DevOps Summit, Bryan Cantrill, CTO at Joyent, will demonstrate a third path: containers on multi-tenant bare metal that maximizes performance, security, and networking connectivity.
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
The IoT is upon us, but today’s databases, built on 30-year-old math, require multiple platforms to create a single solution. Data demands of the IoT require Big Data systems that can handle ingest, transactions and analytics concurrently adapting to varied situations as they occur, with speed at scale. In his session at @ThingsExpo, Chad Jones, chief strategy officer at Deep Information Sciences, will look differently at IoT data so enterprises can fully leverage their IoT potential. He’ll sha...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...