A new poll from Manulife has found that one out of every five Canadian couples confessed that their partner does not know how much debt they are in.
The same survey also found that one out of every nine people admitted to having hidden the price of a large purchase from a loved one. Manulife, an insurance and financial services provider, commissioned polling firm Ipsos in May to survey 2,003 Canadians on their views of money and how it impacts their relationships.
One of the biggest takeaways from the findings is that one-third of respondents said finances are the major stress in their relationship, and 20% went as far as admitting their partner had no idea how much debt they were in.
While a majority of couples surveyed said they regularly talk about money with a spouse, about half of them admitted that it leads to stress. And the younger the couple, the more the stress: 43% of people 35 and under said money was a source of stress. That ratio dropped to 31% for those aged 35 to 54, and to 21% for those 55 and over.
Additionally, more than one-quarter of respondents said they have either hidden a purchase from their spouse or lied about how much it cost. Most secret purchases were relatively small, with more than one-third worth less than $500. Another quarter were up to $1,000. But 8% of the men polled admitted they had hidden a purchase worth $15,000 or more.
