Welcome!

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.

About ING DIRECT

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 ingdirect.ca, on mobile devices at m.ingdirect.ca 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.

SOURCE ING DIRECT

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
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...