Deception and poor money management can be a hazardous combination for
couples
Credit Education Week Canada aims to help couples get their finances under control
Today marks the launch of Credit Education Week 2009, and this year the spotlight is shining on Couples and Money to explore the unique challenges they face as they merge their good and bad financial habits.
With bankruptcies up by 36.9% since last year, it is more important than ever for people to be truthful about spending habits. This advice is even more critical for couples at the start of their relationship. The good news is the survey found that two thirds of couples (66%) entered into their relationship with an open and frank discussion about money.
"Communication is key so that when your relationship moves to the next level, you are going in with eyes wide open," said
Credit Education Week
"Supporting financial education is a major tenet of Capital One's efforts to provide Canadians with the tools they need to succeed," said Bill Cilluffo, President of International Business for Capital One. "We continue to support Credit Education Week
According to the survey: - 28% of women who have become the primary bread winner for the family in the past 12 months claim it has negatively affected their relationship. Only 13% of men felt the same way. - 21% of couples claim that the economic downturn has added more tension to the way they talk about money. - 23% of couples with children at home admit to hiding debt compared to 18% for those without children. - 19% of women feel that their spouse is not open to discussing money issues while 15% of men feel the same way. - People who live together (36%) are almost twice as likely to hide debt as couples who are married (19%). Credit Canada and Capital One offer the following money tips for couples: 1. Keep it positive. Always start the conversation on a positive note and keep an open mind rather than blaming each other. 2. Honesty is the best policy. Always share your financial situation and spending habits. If you feel uncomfortable, share your discomfort. This will not only show your partner you trust them, it also encourages a more supportive response. 3. Focus your conversation on the future. Not much can be done on money that is already spent, so focus your conversation on what you are going to do take control of your financial future. 4. Roll with the punches. Financial priorities change as people lose their jobs, have families, or experience medical emergencies. Working together as a unit through these changes will only make your relationship stronger. 5. Celebrate good times. Celebrate when you meet financial goals, no matter how big or small they are.
Credit Education Week
About the Survey
These are the complete findings from a Torque Customer Strategy conducted on behalf of Credit
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For further information: Laurie Campbell, Credit Canada, (416) 228-2526, [email protected]; Laurel Ostfield, Capital One, (416) 549-2753, [email protected]
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