According to a recent TD Bank Group survey, nearly half of Canadians (49%) believe it is easier to find true love than financial success — though it isn’t stopping respondents from trying to reach their money goals.
The report found that most respondents (88%) are currently saving for something despite ongoing challenges due to the pandemic. Not only that, but some couples say it has been easier to talk about money during COVID-19, which can be positive.
Overall, nearly half (49%) of respondents say the pandemic has led to more open conversations about finances, including reducing spending (62%) and delaying big purchases (36%).
However, Canadian millennials may be putting off the most, as 40% say the pandemic is postponing the decision to buy a home — more than any other generation.
But they aren’t the only ones struggling. Sixty percent of the Canadian couples surveyed report having trouble meeting their financial goals during this time.
Most Canadian couples surveyed say they open up about their finances early on in their relationships, with 77% in the first year and 56% within the first six months.
“Money conversations include chatting about a dream vacation or getting on the same page with a budget. It’s all about creating a financial map for your future together,” Melissa Leong, personal finance author, speaker and television personality, said in a release.
Although, a few Canadians think some things are better left unsaid. Of the 8% of respondents who admit to keeping financial secrets from their significant other, more than half (62%) don’t ever plan to tell them.
Related read: Cost of Love in Canada 2020: Canadians Say They Hide Financial Secrets from Their Partners
Further findings suggest millennials may be sending mixed messages. Just over half (53%) of Canadian millennials say they agree with their partner on the expenses that they want versus need. Still, most millennials (81%) admit to making unreasonable decisions regarding money, and a quarter (25%) confess to excessive and frivolous spending.
But when it comes to this relationship milestone, some couples are now recouping their costs. The TD survey found 56% of the engaged couples surveyed whose wedding plans were affected by the pandemic chose to postpone or downsize their big day.
Other key findings:
Preparing for these expenses can take lots of planning and communication concerning finances.
When it comes to financial worries, wedding expenses don’t top the list.
Retirement is the leading financial concern amongst the respondents, with 16% fearing they will not retire.
While other financial worries include:
Although everyone will have their definition of financial success, proper organization and planning can help ease some of these concerns.
Here are a few simple ways to start:
Follow these steps to ease money concerns and avoid financial heartbreak.