WINNIPEG – If you hide financial information from your loved one, you’re not alone.
According to a new report from BMO Financial Group one third of Canadian couples want to keep certain aspects of their finances hidden from their significant other.
The most common reason people choose to keep their money secret is to hide what they spend their money on.
Other reasons people hide finances were to conceal how much they spend, how much money they have saved and how much debt they have.
Maintaining a sense of independence was also a top reason for one fifth of Canadian couples who don’t share their finances.
The poll also found that half of Canadians have lied to their partner about finances at some point and 17 per cent of couples reported arguing about money at least once a week.
Couples in serious relationships are less inclined to hide money from each other.
Only 28 per cent of married couples said they’d hide their money, compared to 31 per cent of people in common law marriage, and 34 per cent of couples who aren’t living together.
The poll looked at whether combining finances makes sense.
When couples were asked if they would combine their money with their partner to save on bank fees, 69 per cent said they would if it meant saving more than $15 a month.
“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,” Christine Canning, from Bank of Montreal, said in a release.
More than one third of Canadian couples currently keep their finances separate.
The reasons couples gave for wanting to keep their finances separate were:
- Feeling their individual methods of financial management to be easier – 42%
- Wanting to maintain a sense of independence – 40%
- Wanting to be cautious in case of a split – 16%
- Not wanting to share due to differing incomes – 19%
- Not wanting their partner knowing all of their financial details – 10%
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