❤️Love or 💵 money? Half of Gen Z Canadians want a prenup: TD survey
Tuesday, 11 February 2025 02:25.AM
- 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 -
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.
SOURCE: TD Bank Group