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
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, 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. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that Adobe has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of co...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...