Chocolates, roses and heart break? Red Tuesday is here and apparently, it’s the most likely time of year when couples break up…right before the big day. So what is it that causes couples to break up? Is it the pressure leading up to Valentines Day or perhaps it’s when people take real stock of where they’re at in their relationships only to realize they’re in an unhappy place and it’s time to make a change. Well, money is also a big one and that’s not the least bit surprising considering the economic times we live in.
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1 in 3
According to a survey conducted by Simplii Financial, 1 in 3 young Canadians (18-34) have broken up with their partner over money (ouch). That’s a pretty high number if you ask me and also tells me that people just aren’t communicating properly. Additionally, 4 in 10 Canadians say money is a major cause of stress in their relationship. Who’s responsible for the dog’s grooming bill?
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So what else did the survey say? Well 33% of Canadians feel like they’re going at it “alone” when it comes to their personal finances. To an earlier point, 46% aged 18-34 identify money as a major issue in the relationship. Finally, 73% think their partners could manage their finances better.
How to solve this (non) love bug
“While money can’t buy love, personal finances can make or break a romantic relationship,” said Jimmy Dinh, Managing Director, Simplii Financial. “The good news is that effective communication and a few simple tips can go a long way to help.” Relationship expert Jen Kirsch adds, “Financial compatibility is not just about numbers; it’s about trust, communication, and shared goals. Open dialogue about money is essential for building a strong foundation in any relationship.”
So what could this look like? Well one way, according to Kirsch, is splitting the bill. The reality is we no longer live in a world where one income is enough anymore. Setting aside the wild debates about gender roles and who’s responsible for what, just logically speaking, the average income in Canada can barely afford to sustain a basic style of living. Two incomes are necessary and that’s the ugly truth.
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Another approach Kirsch adds is to get on the same page as your partner. Set out your goals and be intentional with how you plan and budget so you don’t find yourself cash-strapped or facing a massive bill at the end of that beautiful trip to Italy where you signed up for one too many wine tastings.
Feature image by Towfiqu barbhuiya
