Almost three quarters of divorced Canadians consider their financial status to be the same – or better – than when they were married – and have since learned a new financial skill, spent less or found it easier to manage their finances by themselves, according to TD’s second annual Love and Money survey.
"Going through a divorce or relationship change can be emotionally and financially overwhelming – often requiring a readjustment of financial goals," said personal finance author Melissa Leong. "But a divorce or relationship change can also provide an opportunity for the affected individuals to take stock of their financial futures, including a chance to level-up their money management knowledge, and maybe even seek out advice from a financial professional."
The survey results also reveal the downside of not talking about finances in relationships. Divorced couples polled were less likely to have regularly discussed money during their marriage, with only 29 per cent of divorced respondents saying they talked about money weekly with their former partner, as compared to half of married couples polled who say they have the talk weekly.
Millennials approach love and money in their own unique way and are most likely to manage their banking separately. They are also less tolerant of “red flag” financial behaviours and say they would leave their partner if:
- They never offered to pay for anything (86%)
- They were secretive about their finances (81%)
- They didn't seek professional financial advice (77%)
Committed couples have their own financial challenges:
- More than a quarter (28 per cent) are keeping a financial secret from their partner, up from eight per cent from the 2020 report. Of those keeping a secret, 64 per cent don't plan to ever tell their partner.
- The survey shows that a secret purchase is the most kept (42 per cent), followed by a secret bank account (29 per cent)
