Have you had the big chat with your partner? According to a new CIBC poll, you probably haven’t.
Only about a-third of couples who are planning to get married or live common-law have had a serious talk about money, despite 99% saying it’s important to talk about managing finances beforehand.
“While couples will spend several months planning, in great detail, their ‘big day’, our poll reveals that very few people actually broach the topic of how to plan and handle their finances once they begin their lives together. When you’re caught up in the bliss of getting married, talking about money isn’t particularly romantic, but, it shouldn’t be a taboo topic. Before saying ‘I do’, it’s important to make sure you are on the same financial page, otherwise you’re setting yourself up for problems down the road.” –Jamie Golombek, Managing Director, Tax and Estate Planning, Wealth Strategies Group, CIBC
More poll findings:
-66% of those who are planning on taking the next step in the relationship are going into it in debt, which includes either student, personal, credit card or mortgage debt. Still, 46% say their top financial goal within the first couple of years is to save for a trip or vacation.
-35% say they have had a serious chat about money and managing finances, and 40% say they have only had a brief discussion.
-63% are not planning on meeting with a financial adviser, but 31% admit it’s probably a good idea to do so.
Golombek suggests couples not only have an in depth conversation about money, but they should consider having a joint account, sharing expenses, plan for savings, and speak to a financial planner.