A recent survey of more than 1,000 adults sheds some light on just how reluctant Canadians can be to talk about money — even with their significant others.
While the respondents in this case were soon-to-be spouses, the report underscores the importance of communication and financial planning at any stage in your marriage.
According to the survey, which was conducted by the Canadian Imperial Bank of Commerce, 99 per cent of respondents agreed that it is important to discuss financial matters prior to marriage, but only 35 per cent said they had spoken seriously with their future spouses about money.
Interestingly, of those who had not discussed financial planning with their partners, 63 per cent said they did not know how or when to have the talk. This in addition to the fact that 66 per cent of respondents said they would be bringing debt into the union.
Newlyweds are not the only ones who avoid discussion of managing finances and estate planning. At Hagel Lawfirm, we provide estate planning and litigation services to clients throughout the GTA, and we have seen how waiting too long to communicate expectations and wishes can lead to family strife.
Whether you are soon to be married or you and your spouse have been together for decades, we encourage you to plan now and give yourself and your spouse some peace of mind. For more on these matters, please see our estate planning overview.