Wedding Finance

Pandemic gives Canadian couples something to talk about, RBC poll finds

  • Almost half of respondents say finances are the number one issue in their relationship

  • One-third describe financial planning for marriage as stressful

  • Two-thirds say they would delay marriage to buy a house sooner

TORONTO, October 15, 2021 / CNW / – Finances are a hot topic for Canadian couples who have recently married or are planning to marry, with the pandemic sparking more conversations about money, according to the RBC Love, Money & Marriage poll.

Logo: RBC (CNW Group / RBC Royal Bank)

The survey checked the finances of Canadians planning to get engaged or married within the next five years, as well as those who were engaged and had to change their marriage plans or got married during the pandemic.

While the majority (68%) of those polled said they have talked more about finances with their partner since the start of the pandemic, almost half (47%) admitted that finances are one of the biggest stressors in their relationship. And for many respondents, marriage finances are a major source of stress.

  • Just over a third (35%) described planning wedding finances as stressful, reaching 50% of those who said only one partner made these decisions.

  • While 58% say they make financial decisions for their marriage with their partner, 31% said their partner had much higher wedding expenses in mind.

  • Men are more likely than women to say their dream marriage was important, regardless of the costs (38% vs. 28% respectively).

For the majority (88%) of respondents, having similar financial goals and habits and being aligned with how to spend and save money was seen as important for a healthy long-term relationship. The poll also found that while conversations about money were on the rise, discussing finances as a couple was not always easy.

  • One-third (32%) found it difficult to discuss finances with their partner and were also uncomfortable discussing the other’s current financial situation (32%)

  • More men than women expressed discomfort in talking about finances (38% vs. 25% respectively)

  • Just under a third (30%) said they only talk to their finance partner a few times a year, and 5% say they never do.

“It is not uncommon to find that couples do not always have the same level of comfort when it comes to finances. We also know, however, that being on the same page financially and making decisions about money together can go a long way in reducing stress and helping couples build a strong future together, ”says Stuart Gray, Director – Center of Expertise in Financial Planning, RBC.

Gray also pointed out a new factor since the start of the pandemic: 53% of unmarried respondents said the money they saved for a wedding now went to other financial priorities, including buying a wedding. a house, starting a family or downsizing. wedding ceremony.

  • 71% think buying a home is more important than having the perfect wedding

  • 64% would delay their marriage to buy a house sooner

  • 44% think having a child is more important than having a perfect marriage

  • 21% have now considered a backyard / home wedding due to the pandemic

  • 14% considered running away

  • 13% considered a town hall ceremony or an outdoor / socially distanced wedding.

“It is also important that both partners take the big picture into account when considering large expenses,” Gray adds. “Getting into debt can limit what you can achieve financially together. It’s a good idea to discuss how large expenses might affect your future finances. “

Whatever financial decisions couples face, Gray has the following tips to help them say yes to their finances together:

  • View articles online: There are lots of tips online that you might find helpful. Some examples: redo the I Do; The marriage money talk you need to have; Should you say I go into debt when planning a wedding? and five money wishes to make before tying the knot.

  • Get an outside perspective: Seek good financial planning advice from an expert. An advisor can help you and your partner take the stress out of conversations about your financial future, while you discuss what’s important to both of you and get a clearer picture of each other’s finances. An advisor can also help you set goals and create a detailed financial plan to help you build a financial future together.

  • Take advantage of digital resources: With all of life’s priorities, it can be difficult to find the time to stay on top of your finances. Using the many tools and resources available online can help. RBC clients can take advantage of a suite of NOMI capabilities that use predictive technology to help you effortlessly save, budget and manage your money. RBC MyAdviser allows you to create personalized plans online and use interactive scenarios to see the potential impact the financial decisions you make today could have on your finances tomorrow.

RBC Love, Money and Marriage Survey: National, Regional and Gender Results

“AGREE” ANSWERS:
ALL RESPONDENTS

NAT’L

Before Christ

PRAIRIES

TO

QC

THAT

M

F

1. Having similar financial goals and habits is important for a healthy, long-term relationship.

88%

84%

90%

86%

88%

94%

83%

93%

2. It is important that my partner and I are aligned with how we spend and save our money.

88%

89%

89%

89%

85%

93%

85%

92%

3. Since the start of the pandemic, I have talked more about finances with my partner.

68%

69%

74%

70%

59%

71%

69%

67%

4. Finances are one of the biggest stressors in our relationship.

47%

52%

50%

50%

37%

43%

50%

43%

5. Financial planning for our marriage causes / causes stress in our relationship.

35%

33%

38%

38%

32%

17%

42%

26%

6. I have trouble talking to my partner about our finances.

32%

36%

35%

30%

30%

36%

38%

25%

7. We are not comfortable discussing each other’s current financial situation.

32%

36%

32%

32%

28%

33%

38%

25%

8. My partner wanted / wanted to spend a lot more on the wedding than I did.

31%

30%

37%

33%

27%

20%

43%

17%

9. I want / wanted the wedding of my dreams, no matter what the cost.

34%

24%

43%

36%

30%

24%

38%

28%

SELECTED FINANCIAL RESPONSES:
ALL RESPONDENTS

NAT’L

Before Christ

PRAIRIES

TO

QC

THAT

M

F

10. My partner and I make / make marriage financial decisions together.

58%

53%

60%

56%

64%

65%

49%

70%

11. We discussed how much we want to spend on our wedding.

58%

61%

57%

58%

58%

51%

57%

59%

12. I talk to my partner a few times a year about our finances.

30%

28%

28%

30%

37%

22%

34%

26%

13. I never talk to my partner about our finances.

5%

6%

4%

4%

5%

9%

5%

5%

“AGREE” ANSWERS:

RESPONDENTS NOT YET MARRIED

NAT’L

Before Christ

PRAIRIES

TO

QC

THAT

M

F

1. The money I saved for my wedding now goes to other financial priorities.

53%

51%

54%

56%

50%

50%

57%

49%

2. Buying a house is more important to me now than having my ideal marriage.

71%

78%

66%

72%

67%

63%

68%

73%

3. I prefer to delay our marriage to buy a house earlier.

64%

65%

57%

68%

62%

62%

61%

67%

4. We need to cut marriage finances to have enough money to consider buying a house.

53%

56%

45%

61%

45%

47%

56%

50%

5. Having a child is more important to me now than having a perfect marriage.

44%

44%

40%

43%

51%

39%

48%

40%

RESPONSES “CONSIDERED AS THE RESULT OF A PANDEMIC”:
RESPONDENTS NOT YET MARRIED

NAT’L

Before Christ

PRAIRIES

TO

QC

THAT

M

F

6. A backyard / home wedding.

21%

25%

24%

22%

13%

30%

18%

26%

7. Run away.

14%

17%

17%

15%

8%

16%

12%

16%

8. A ceremony at the town hall.

13%

15%

11%

16%

7%

12%

11%

15%

9. An outdoor / socially distanced marriage.

13%

16%

ten%

12%

13%

15%

13%

12%

* M / F = Men / Women

About the RBC Love, Money & Marriage Survey
These are some of the findings of a Leger poll conducted on behalf of RBC. A total of 1,000 surveys were completed online with Canadians aged 18 and over who got married during the pandemic, got engaged during / before the pandemic and had to change their marriage plans, or those planning to get engaged or get married within the next 5 years. The investigation was conducted between June 22 and July 5, 2021, using Leger’s online panel. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). For comparison purposes, a probability sample of 1,000 respondents would have a margin of error of ± 3.1%, 19 times out of 20.

About RBC
Royal Bank of Canada is a global financial institution with a goal-oriented and principle-driven approach to delivering world-class performance. Our success comes from the more than 88,000 employees who use their imaginations and ideas to bring our vision, values ​​and strategy to life so that we can help our customers thrive and communities thrive. As from Canada largest bank and one of the largest in the world by market capitalization, we have a diverse business model driven by innovation and delivering exceptional experiences to our 17 million customers across Canada, the United States and 27 other countries. Learn more at rbc.com.

We are proud to support a wide range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

SOURCE RBC Royal Bank

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