Posted on Wednesday February 14, 2018

Are you and your beloved financially faithful?

What better moment than Valentine's Day to raise the question of couples' finances? It's no secret: of all the reasons couples fight, money tops the list. To keep things sweet between you, practice discussing money matters frankly so that you can choose?together!?the financial strategies that meet your needs both as a couple and individually.

Financial unfaithfulness

A recent Leger survey conducted on behalf of Credit Canada and the Financial Planning Standards Council (FPSC) found that over a third of Canadians, or 36%, have lied about a financial matter to a partner. 34%, in turn, keep financial secrets from their current romantic partner, thus committing ?financial infidelity.? Here are some of the other findings:

• 14% of respondents have run up a credit card balance (on their own or a shared card) without telling the other
• 13% contribute less than they should to household expenses, based on their income
• 8% have lied about their income
• 7% have made a major purchase without consulting the other

Trading taboos for transparency

While money has long been the source of relationship discord, the issue appears to be on the rise. And no wonder, what with the mounting debt (and as a result, stress) levels of many Canadians. Those who can't face the hard conversation about cash early on will embark on a life together knowing almost nothing of each other's financial situation or spending habits.

Even if the topic remains awkward, it's vital not to brush aside any questions that arise about money matters. Debt, savings, retirement strategies: by addressing each of these directly, couples can see where they stand vis-à-vis their respective priorities and attitudes. From here, they can work together to determine how they want to arrange things so that the roles and expectations of each, financially speaking, are well defined. Sure saves trouble when those big-ticket decisions crop up, like buying a house or having a child . . .

Products tailored to the needs of couples

It's true: neither of you necessarily needs to sacrifice all of your financial autonomy just because you're a couple. Still, when the actions of one of you stand to affect your overall household finances, then you need to be able to discuss money matters openly.

UNI offers a host of solutions that allow you to negotiate the minefield of shared finances harmoniously and with transparency, particularly regarding joint accounts and credit cards. Want to set up a shared action plan to preserve your couple's financial health? Contact your UNI advisor, who can guide you through the products and services that best fit your needs. With this matter settled, you can get back to looking into your future hand-in-hand without any money squabbles clouding your horizon!