Gen Z proved to be the most money-conscious in
relationships, with 65 per cent saying their partner's net worth is
important when pursuing love
TORONTO, Feb. 11,
2025 /CNW/ - When it comes to love, a new TD survey
is revealing that Canadians are not only prioritizing their hearts,
but also their wallets. The study, which polled Canadians aged 18
and older, found more than half of Gen Z (52 per cent) want their
partner to sign a prenup if they get married or enter a common-law
relationship, compared to the already-high national average of 31
per cent.
Among Canadians surveyed, Gen Z showed the strongest feelings
around finances in relationships, with 65 per cent saying their
partner's net worth is important to them when starting a
relationship, compared to the national average of 57 per cent. In
addition, one in four Gen Z respondents admitted they likely
wouldn't date someone who earns less than them.
"We know that finances can be a big stressor in relationships
and are clearly on the minds of many Canadians, especially Gen Z,"
said Nicole Ewing, Principal, Wealth
Planning Office, TD Wealth. "Working together with your partner to
tackle money conversations head on could help bring you both
understanding and clarity in your relationship and respective
financial futures."
Despite Gen Z taking the most definitive stance, all Canadians
expressed strong concerns about finances in their relationships,
with the survey uncovering some of the country's top relationship
dealbreakers:
- 71 per cent would consider breaking up with a partner if they
discovered they were being dishonest about their finances;
- 65 per cent would consider a breakup if their partner never
offered to pay for anything, and;
- 56 per cent may break up over a partner's bad spending
habits.
Cards on the table
Despite seven in 10 Canadians surveyed agreeing that financial
transparency and responsibility were important factors in a
relationship, 41 per cent of couples say they only had the "money
talk" with their partner after they had moved in together, or
around when they got married or became common-law. For nearly a
quarter (23 per cent) of Canadian couples, the money talk didn't
happen until after moving in together.
That delayed money talk appears to be impacting budgeting
habits, with almost half (48 per cent) of Canadians admitting they
don't set a monthly budget with their partner. In fact, of couples
that do, 46 per cent say their partner only sticks to that budget
some of the time or not at all.
"With 43 per cent of Canadians citing a partner's debt load as
an important factor in a relationship, it underscores that a key
component of financial health as a couple is making sure you agree
on your financial goals so it's wise to have that conversation
early to ensure you're both on the same page," added Ewing.
"Whether you're saving for a wedding, a down payment on a home or
retirement, developing a shared financial plan alongside a
qualified professional can encourage more open and frequent
conversations about money with your partner – and help you stay
focused on your priorities."
Building your financial plan
For singles and couples alike, establishing financial goals and
developing a clear understanding of your spending preferences is
essential. Whether you're looking to build a budget or create a
plan with your partner to reach your shared investment goals, it's
always a good idea to consider taking advantage of financial advice
and available tools.
TD resources include:
- TD Personal Bankers and TD Wealth
advisors are available across the country to offer financial
advice and help customers with decisions around money matters,
personal finances and investments to help achieve their unique
financial goals.
- Using TD Goal Builder, a Personal Banker can
provide customized advice to help customers work toward their
financial goals, whether they're saving for retirement, a child's
education, a home or another major purchase.
- For TD customers, take control of your savings and spending
with the TD MySpend app, the tool that gives financial
control – and confidence – right at your fingertips. Track your
daily and monthly cash flow, create a wish list of savings goals
and get insights to help you make these goals happen.
- The TD Ready Advice Hub has information and
articles available on a variety of financial topics and
investing.
- If you're looking to get started with self-directed investing,
TD Easy Trade™, TD's commission-free, easy-to-use mobile app
lets you start trading with a few taps. And with partial shares
trading in the TD Easy Trade™ app, you can own a
piece of the companies you love by investing any amount you want.
Your starting investment could be less than what you might pay for
a cup of coffee.
About the TD survey
This Maru Public Opinion survey conducted on behalf of TD
Bank Group was undertaken by the sample and data collection experts
at Maru/Blue. 1,534 randomly selected Canadian adults who are
Maru Voice Canada online
panelists were surveyed overnight on January
21st 2025. The results of this study have been
weighted by education, age, gender and region (and in Quebec, language) to match the population,
according to Census data. This is to ensure the sample is
representative of the entire adult population of Canada. For
comparison purposes, a probability sample of this size has an
estimated margin of error (which measures sampling variability) of
+/- 2.5%, 19 times out of 20. Discrepancies in or between totals
when compared to the data tables are due to rounding.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by
assets and serves over 27.9 million customers in four key
businesses operating in a number of locations in financial centres
around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Auto Finance Canada; U.S. Retail,
including TD Bank, America's Most Convenient Bank®, TD
Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and
Insurance, including TD Wealth (Canada), TD Direct Investing, and
TD Insurance; and Wholesale Banking, including TD Securities and TD
Cowen. TD also ranks among the world's leading online financial
services firms, with more than 17 million active online and mobile
customers. TD had $2.06 trillion in
assets on October 31, 2024. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group
