Are your married clients financially unfaithful to each other?

By Staff | February 7, 2018 | Last updated on February 7, 2018
2 min read

Helping married clients gets tricky if spouses aren’t transparent about their finances. And, in some cases, spouses might be outright deceitful with one another.

Read: How to educate clients about prenups

In fact, more than one-third of Canadians (36%) say they’ve been victims of financial infidelity from a current or former partner, finds a survey commissioned by Financial Planning Standards Council (FPSC) and Credit Canada. These respondents tend to be younger (18-54 rather than 55 or older) or single.

Those who say they’ve been victims are also more likely to have lied to a romantic partner about financial matters, and to have kept financial secrets from their current romantic partner (51% apiece), says the survey.

The top offences are running up a credit card balance (14% of respondents) and not contributing enough financially, based on income (13%).

A BDO Canada survey likewise finds that the most common thing partners hide from each other is credit card debt.

Read: Now’s a good time for that debt discussion

For those in a relationship, the FPSC and Credit Canada survey finds that 36% admit they’ve lied about a financial matter to a partner, and 34% admit to keeping financial secrets from a partner.

There were no significant differences between women and men when it comes to being a victim of financial infidelity (35% of men versus 37% of women), lying about a financial matter (36% of both) or keeping financial secrets from partners (35% of men versus 34% of women).

Nor do household income levels play a role in financial infidelity, finds the survey. However, a lack of communication might: the BDO survey finds that 36% of those in a relationship rarely or never discuss personal finances with their partner.

Read the full survey.

Read: How small talk can reveal planning opportunities

About the survey: Leger conducted a survey of 1,550 Canadians between Jan. 2 and Jan. 5, 2018, using its online panel, LegerWeb. A probability sample of the same size would yield a margin of error of +/-2.5%, 19 times out of 20.

Also read:

Is being a single-income household financially feasible?

Protect gifts toward a matrimonial home from divorce

Help clients handle child custody

Helping clients sort out a holiday inheritance fight

Divorce leads to small business headaches

Help single clients plan for retirement

Advisor.ca staff

Staff

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