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
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold 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. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...