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Money is a taboo topic for many Canadians

By The IJ Staff | February 25 2020 02:45PM

Photo: Pxhere.com

Nearly a quarter of Canadians feel money is a taboo topic alongside politics, sex and religion, according to an FP Canada survey conducted by Leger and released Feb. 25.

One in four Canadians (26 per cent) said talking about politics made them the most uncomfortable, followed by relationship and sex talk at 24 per cent, and then money and religion at 23 per cent. Twelve per cent were least comfortable talking about health issues, found the The Discomfort Index survey.

The poll found more women than men are uncomfortable talking about money (27 per cent versus 18 per cent) despite a growing number of women managing family budgets.

Ten per cent of Canadians say they don’t talk about money with anyone. This number reaches 16 per cent among those earning $40,000 or less.

The majority of couples do talk about money

Fifty-eight per cent of Canadians talk about money with their spouses, the survey found. This number drops to 39 per cent among those earning $40,000 or less, and reaches 72 per cent among those earning $80,000 or more.

"It's extremely encouraging to see spouse/partner top the list of who people are comfortable talking with about money issues; however, 40 per cent of Canadians don't talk with their partner about money at all," said Kelley Keehn, author of Talk Money to Me, personal finance educator and consumer advocate for FP Canada.

Keehn observes that spouses views on money often differ but their life goals are shared. “Engaging with a Certified Financial Planner professional or Qualified Associate Financial Planner professional can help build a plan that reflects both partners' voices," she says.

To learn more, consult the full report here.

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