Welcome!

News Feed Item

1 in 5 Canadians Agree Finances Affect Their Personal Relationships

Couples should stop fearing financial planning

TORONTO, Feb. 13, 2014 /CNW/ - With Valentine's Day just around the corner, love is in the air—but for many Canadians, finances are getting in the way. According to a survey conducted by Ipsos Reid on behalf of MNP Ltd., more than 11% of Canadians still keep important financial information from their partners and 21% agree that their finances affect their relationship. The survey results point to a need for better communication about money matters.

Financial management can seem overwhelming with misconceptions often making debt repayment and saving for the future seem impossible. Age and family status play a role. Parents (30%) feel more strain than non parents (17%) when it comes to their relationships because of their financial status. Married and common-law Canadians aged 18 to 34 are most likely to say that their current financial and debt situations are affecting their relationship with their partner.

"Be honest about the debt and assets you carry into a relationship and decide what you are willing to take on financially as a couple," says Grant Bazian, President, MNP Ltd. and bankruptcy trustee "Find a financial advisor or a trustee to work with and become empowered in your financial decision making. When it comes to debt management and saving for the future, there are often more options available to couples than they realize."

Other Survey Highlights:

  • The lower the income of married or common-law Canadians, the higher the likelihood they believe that their current debt situation has negatively affected their relationship (26% of those making less than $40,000 annually, 27% of those making between $40,000 to less than $60,000 annually, 19% of those making between $60,000 to less than $100,000, compared to just 10 % of those making more than $100,000.)

  • Many Canadians don't know the difference between the various services available to help with debt and credit problems.  Three in 10 married and common-law Canadians don't know the difference between a credit counsellor, debt advisor, and trustee in bankruptcy, although most (71%) say they do.

  • Two in five respondents agree that they use credit (like credit cards, lines of credit, overdrafts, etc.) to pay for normal household expenses.

What's right for one couple isn't necessarily right for another, in both love and finances. Bazian encourages couples to be honest about what is best for them. "Large purchases, like a house, can be more of a status symbol than a good financial decision. Jumping into a mortgage could be damaging to a couple's finances and relationship. Make meaningful purchases that reflect your commitments as a couple, and you'll experience far less stress on your relationship," he says.

Regional data - According to the survey, relationships in Ontario appear to be the most affected.  Married or common-law Ontarians are most likely to agree that their current financial (25%) or debt (23%) situation has had an impact on their relationships. They are also most likely to acknowledge that they are struggling to make minimum credit or debt payments (24%). To learn more about this research, please visit http://www.mnpdebt.ca/relationships.

Study methodology - This poll was conducted between January 23 to 28, 2014, on behalf of MNP Ltd. A sample of 1,031 married and common-law Canadians from Ipsos' Canadian online panel were interviewed and the poll is accurate to within +/- 3.5%.

About MNP LTD.
For more than 50 years, MNP Limited has helped individuals resolve their financial problems by offering life-changing debt solutions tailored to each person's unique situation. With government licensed Trustees located in more than 70 offices in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec, MNP Limited offers an unparalleled depth of Canadian consumer and corporate insolvency expertise to those experiencing financial difficulty. For more information, visit www.MNPdebt.ca.

SOURCE MNP LLP

Image with caption: "1 in 5 Canadians Agree Finances Affect Their Personal Relationships (CNW Group/MNP LLP)". Image available at: http://photos.newswire.ca/images/download/20140213_C9765_PHOTO_EN_36655.jpg

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
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.