Two in Five Married or Common Law Canadians Consider Themselves To Be Struggling Financially. But Who Should They Go To For Help?

With summer just around the corner, love is on the mind of many Canadian couples. But it can be hard to think about love when money troubles get in the way. Unfortunately, according to an online survey conducted on behalf of MNP Ltd., one in four (27%) married and common law Canadians say financial stress is affecting their relationship. The same survey reveals that 20% of Canadian couples are facing relationship strains due to their current debt situation.

There are many services available to help Canadians with their debt and credit problems, but a sizeable portion of respondents don’t know the difference between these services. In fact, three in ten (28%) married and common law-living Canadians identify that they do not “know the difference between a credit counsellor, debt advisor and a Licensed Insolvency Trustee.” Although almost nine out of ten married or common law Canadians agree that they are aware of their spouse’s debt, as their spouse is of theirs, the willingness of couples to talk about their financial woes doesn’t mean there’s no impact of debt on relationships.

“Talking about your debt with your partner is one thing, dealing with the mess is quite another and that can cause heartache and more stress. Finding the right Trustee or credit counsellor can seem simple but you really have to know what you want in the long term. It can take more than seven years to re-establish your credit score,” says Grant Bazian, President of MNP Ltd. “That means a real commitment on behalf of you and your partner.”

Other Survey Highlights

• Younger married and common law Canadians are most likely to say that their current financial situation is affecting their current relationship with their spouse or partner (41%) ahead of middle-aged (28%) and senior Canadians (16%).
• Of married and common law couples, those with children are more likely than those without kids to say that their current financial situation has affected their relationship with their spouse or partner (35% vs. 23%).
• Canadians earning lower incomes (less than $40,000 annually) are most likely to say that their current financial situation has affected their relationship with their spouse (39%).
• Nearly one in five married or common law Canadians (22%) agree that they struggle to make the minimum payments on any credit, loans, or debts they owe, despite 96% of those saying they are aware of how much debt they owe.
• Two in five couples use credit to pay for normal household expenses.

Regional data

The survey found that married or common law Atlantic Canadians (32%) are most likely to agree that they struggle to make minimum debt payments, ahead of Ontarians (25%), Albertans (22%), British Columbians (18%), Quebecers (18%) and Saskatchewan and Manitoba residents (15%).

“Dealing with debt can be overwhelming. And this summer, when you’re getting ready to spend a little more on a vacation with your loved one, you may want to think twice as to whether or not you can afford more purchases on your credit card. Is the trip worth the high interest rates and will it bring more joy, or just more stress, to your relationship?” says Bazian.