Most Quebec couples pool their income

According to a study published Wednesday, the majority of Quebecers talk freely about their finances in their couples, but admit that factors hinder the reconciliation of love and money.

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According to a CROP survey conducted on behalf of the Chamber of Financial Security (CSF), 90% of those questioned said they were comfortable talking about money as a couple, while half of respondents ‘never thought about the consequences of a split.

57% of couples pool their income, a ratio that rises to 70% for spouses with roughly the same income, but savings for retirement are done separately for nearly half of Quebecers.

More than a quarter of Quebecers in a couple secretly put money aside without their spouse’s knowledge, a behavior that is most common (56%) among people with financial comfort.

The proportion of women who earn a little or a lot less than their spouse is 63%, while the trend is reversed among men, of whom only 27% admit to earning less than their spouse.

Personal debt is a cause of concern among couples, as the majority (57%) of Quebecers feel stressed, and this proportion drops to 41% when it comes to a spouse’s debt.

“This survey shows that 90% of respondents feel comfortable talking about investments or debt with their spouse, which is great news,” said Mary Elaine Farley, president and CEO of CSF Management.

Mr. Farley was surprised to note that “half of respondents had never considered the consequences of a separation and 74% had not consulted a financial services advisor about the matter.”