• 55% relying on being in a relationship to support their lifestyle

• 62% arguing with their partner over finances

• 77% stressing about money

TORONTO, Dec. 12, 2024 /CNW/ - Canada's high cost of living is causing harsh financial realities for many couples, with more than half (55%) reporting they need to be in a relationship to pay for their lifestyle, according to the RBC 2024 Relationships & Money Poll.

Money was called out as a source of stress by more than three-quarters (77%) of the couples who were polled, as well as the cause of arguments by three-in-five (62%). In addition, almost a quarter (23%) admitted that it's never been more stressful to talk to their partner about their finances, with two-in-10 (20%) flatly stating their partner 'simply avoids talking to me about finances'.

"If you're one of the couples struggling to make ends meet right now, you may not think a bank can help. We want you to know that we've worked with many Canadians who are trying to cope with challenging circumstances. Whatever you're facing, we'll have options for you to consider," said Craig Bannon, director, Regional Financial Planning Support, RBC.

Poll findings indicated that couples are finding financial conversations challenging and one of the underlying reasons is because they don't agree with how their partners deal with money:

• 47% of respondents believed they handle finances better than their partner

• 27% acknowledged they are frustrated by their partner's financial habits

• 15% disclosed these habits are having a negative impact on how they feel about their significant other

Another key poll finding: Even when couples talk, action doesn't always follow. A quarter (26%) responded that, while they talk about improving their money situation together, they don't know what to do next.

Bannon offered a few suggestions to help take some of the stress out of money conversations and set up actions to follow.

• Being honest with yourself and your partner about the money coming in and going out is such an important first step

• Begin by looking at shared expenses together, to see how you're each handling your own expenses and then see what adjustments you both could make to ease any financial stress you're feeling

• Follow through on those adjustments and review the actions you've been able to take as part of regular conversations with each other about money – monthly if you can – to help you both stay on top of your financial goals and progress

• If you and your partner are finding it difficult to talk with each other about your finances, you could consider asking one of our advisors to join the conversation. It can be helpful to have an objective voice in the room

• And last, but never least, if you and your partner don't already have a household budget in place to help you manage your cash flow, now's the time to create one. This may seem like a homework assignment, but there are many online templates that can make this easy to do, including our RBC cash flow calculator. You'll readily see the value a budget can bring to your lives, as it will clearly show you both where your money is going now, compared to where you would like to see it go