Advising couples on how to identify their financial goals and create an effective plan together can be challenging, but the Financial Consumer Agency of Canada has now released an online tool to help.
The FCAC is now offering financial information geared towards couples as part of its online "Life Event" series, with tips, resources and tools that can help couples plan and manage their finances together.
For couples talking about major life events such as living together, planning their wedding or saving for a home, addressing topics such as financial priorities, financial roles, and individual and combined cash flow is crucial.
The new tool provided by FCAC can help guide couples, and their advisor, through some of the most challenging financial topics that will inevitably come up as their relationship evolves, and help make financial planning organized and effective.
"Living as a couple has its financial advantages, but can also bring about its set of challenges," says FCAC commissioner Ursula Menke. "Understanding and communicating openly about individual and combined finances in any relationship is key to defining and reaching goals, and ultimately reaping the full benefits of living as a couple."
The agency also urges couples to discuss each partner's credit history and highlights the importance of sorting financial roles—discussions that can be prompted by a couple's or family's advisor or planner.
Tools like budget calculators and worksheets can help couples organize their household finances or financially plan for major events or purchases. They also need to be educated on how to pay taxes together, buy insurance and learn to handle the process of signing prenuptial agreements or write their wills.
FCAC's full Living as a Couple life event is available online.