Cost of Love in Canada 2020: Nearly One in Five Canadians Admit to Financial Infidelity, National Survey
February 05, 2020 (PRLEAP.COM) Business News(Toronto, ON) February 5, 2020 – One in five Canadians are committing financial infidelity by keeping a secret around money or spending in their relationship, according to a new Cost of Love survey from Rates.ca.
Money misrepresentations are most common among millennials, with almost 30 per cent of younger Canadians admitting to financial infidelity, and men are more likely (19 per cent) than women (13 per cent) to lie about money. Canadians who are dating or engaged are more likely to have a financial secret than those that are separated or married.
Three in ten (31 per cent) Canadians are hiding purchases they make from their significant other. Almost one-third are concealing their poor credit score, 21 per cent have hidden cash, 14 per cent have hidden bank accounts, and 10 per cent have a secret line of credit or a long-term loan.
"Hiding a poor credit score or a large sum of debt can have consequences in the future. Especially for partners buying their first home or financing a car. Being transparent and taking the right steps to manage debt or correct poor credit can prevent disappointment and further financial woes," said Sara Kesheh, Vice President, Money, Rates.ca.
The survey also revealed that nearly half (47 per cent) of those in a relationship, say the value of their financial secret is $1,000 or more. Almost one in five admitted that their financial secret is $10,000 or more.
Dealing with Financial Infidelity
Half of Canadians with a financial secret believe nothing would happen if their significant other were to discover the secret.
Another 22 per cent say the worst consequence would be to fight and find a solution, two per cent feel it would result in a break-up, and only one per cent say it would result in divorce.
Whether you're getting married, making a major purchase together or combining finances with a partner, Kesheh offers expert advice to avoid disagreements over money.
To review the findings, visit Rates.ca.
About the Survey
An online survey of 1600 Canadians was completed between January 3 - 6, 2020, using Leger's online panel. The margin of error for this study was +/-2.5%, 19 times out of 20.
Rates.ca is Canada's one-stop-shop for the best rates on insurance and money products. Rates.ca publishes rates from 30+ insurance providers so that shoppers can find the best rates for themselves. Use the site to find the best rates for auto, home and travel insurance, mortgages, and credit cards. Headquartered in Toronto, Ontario, Rates.ca is located at 360 Adelaide Street West, Suite 100, Toronto, ON, M5V 1R7