BMO Valentine's Day Report

One Third of Canadian Couples Want to Keep Certain Aspects of Their Finances a Secret

TORONTO, ONTARIO--(Marketwired - Feb. 9, 2016) - They may share a bed, a home and a TV-streaming service, but only one quarter of Canadian couples share all of their finances (28 per cent), according to a new report released today by BMO Bank of Montreal. Additionally, about one third of Canadians in relationships (30 per cent) said that they want to keep certain aspects of their finances secret or hidden from their significant other.

What's mine is yours?

Of those respondents who expressed a desire to keep certain aspects of their finances hidden:

• 45 per cent would choose to conceal what they spend their money on;
• 39 per cent would choose to conceal how much they spend;
• 34 per cent would choose to conceal how much money they have;
• 25 per cent would choose to conceal how much they have saved; and
• 21 per cent would choose to conceal how much debt they currently have.

The Valentine's Day poll, conducted by Pollara on behalf of BMO Bank of Montreal, found that couples in more serious relationships are less inclined to hide things. Only 28 per cent of married couples said they'd like to keep some things hidden, compared to 31 per cent of those in a common law marriage and 34 per cent of those couples who are not yet living together.

In addition, almost half (46 per cent) of respondents revealed they have lied to their partner about their finances at some point in their relationship. One fifth (17 per cent) of couples reported arguing about finances at least once a week.

Another pain point for Canadian couples, as found in the poll results, is whether combining finances actually makes sense. When asked if they would be more likely to combine finances with their significant other if it meant saving on monthly bank fees, almost three quarters (69 per cent) agreed - but only if savings translated to $15 or more a month.

"Each relationship is unique, and with that comes complexities that often dictate how a couple chooses to move forward and evolve. Personal finances and how they come together play a huge part in this development," said Christine Canning, Head, Everyday Banking, BMO Bank of Montreal. "Finding a balance when it comes to combining finances means having a clear understanding between partners of their individual goals and habits, but also what shared milestones lie ahead, so flexible products and solutions, as well as help from a professional, are key to making it work for both sides."