While four in 10 married or common law Canadians often talk about money with their partner, half said that such conversations can cause tension in their relationship, says a new survey by Manulife Bank released July 27. The survey also showed that two in 10 confess they try to ignore money issues altogether, taking an "out of sight, out of mind" approach to their finances.
The survey reveals that one in 10 in-debt Canadians have completely hidden the cost of a large purchase from a loved one, with an additional one in 10 saying they lied about the cost. Sixty-three per cent of these purchases were under $1,000 but eight per cent of men surveyed have hidden a purchase worth $15,000 or more.
"Conversations around money and debt can be one of the most difficult things couples ever discuss," said Rick Lunny, President and CEO, Manulife Bank. "The trick is to get these issues out in the open and having an open and frank discussion about them."
Mental health risks
Forty per cent of Canadians with debt said debt negatively impacts their mental health, which rises to 70 per cent for those living with lots of debt. “Nearly half say they're often overwhelmed by their financial situation, with one in three stating they are kept up at night worrying about their debt,” says Manulife Bank.