Canadian newlyweds don’t talk finance

A new BMO survey shows most married Canadians wish they’d discussed financial matters before walking down the aisle.

While 98% of Canadians agree they should be on the same page as their spouses, when it comes to finances, most of them aren’t.

A whopping 40% of these couples say they have different investing styles from their partners.

It’s not surprising, then, that more than half of Canadian married couples have financial regrets, with 62% saying they wish they had discussed their financial pasts and plans before getting married.

Read: Marriage contracts protect assets

Some of the topics couples wish they’d talked about are emergency funds, identifying short- and long-term goals, how to manage household finances, and creating and updating a will.

These types of conversations, while not particularity romantic, can do a lot to avoid tension down the road for newlyweds.

Read: Protect clients before a third marriage

If your clients are getting married, make sure they’re being honest with their partners. It’s important for them to either agree on all issues or to decide on compromises. Suggest they create a day-to-day budget as a way of testing those agreements.

And marriage is about the future, so make sure your clients are aware they need to start saving for big expenses now, like their first home, starting a family, educating their children, and retirement.

Read: How to handle a cross-border divorce

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.