Most Canadians discuss finances with their spouses

First comes love, then comes marriage, and then comes managing household finances.

Luckily, almost all Canadians (96%) are comfortable talking about financial matters with their spouse or partner, finds a survey by Chartered Professional Accountants (CPA) of Canada. In fact, 92% trust the money decisions made by their significant others.

Read: Marriage contracts protect assets

“Open lines of communication are important to make sure that couples are on the same page when it comes to money management,” says Nicholas Cheung, a director with CPA Canada.

Further, 94% feel that speaking openly about money signifies a strong relationship.

Read: Finances causing couples to postpone marriage

Additional findings include:

• 85% make major purchase decisions jointly;
• 58% monitor the household budget together;
• 50% manage day-to-day banking together;
• 69% state their spouse or partner has shared his personal identification number (or PIN) for at least one credit or debit card; and
• 70% say they set a household budget together.

Read: Minimize tax on marriage breakdown

Also, there are challenges associated with money management and the survey findings reflect that. Almost four in ten (37%) say they’ve argued over money.

Staff

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