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Get it in writing, they said.
A new survey found 52% of Gen Z Canadians want a prenuptial agreement — much higher than the national average of 31% of Canadians who want one.
The poll by TD Bank Group says also found Gen Z had the strongest feelings around finances in relationships with 65% saying their partner’s net worth is important to them when starting a relationship compared to the national average of 57%.
In addition, one in four Gen Z (born between 1997 and 2012) respondents admitted they likely wouldn’t date someone who earns less than them.
“We know that finances can be a big stressor in relationships and are clearly on the minds of many Canadians, especially Gen Z,” said Nicole Ewing, principal, Wealth Planning Office, TD Wealth, in a statement.
“Working together with your partner to tackle money conversations head on could help bring you both understanding and clarity in your relationship and respective financial futures.”
The poll also found that 71% of all those polled would consider breaking up with a partner if they were being dishonest about their finances, 65% would consider a breakup if their partner never offered to pay for anything, and 56% may break up over a partner’s bad spending habits.
Despite seven in 10 Canadians surveyed agreeing that financial transparency and responsibility were important factors in a relationship, 41% of couples say they only had the “money talk” after they had moved in together or when they got married or became common-law.
For nearly a quarter — or 23% — of Canadian couples, the money talk didn’t happen until after moving in together.
The poll found 48% of Canadians don’t set a monthly budget with their partner and of those who do, 46% say their partner only sticks to that budget some of the time or not at all.
“With 43% of Canadians citing a partner’s debt load as an important factor in a relationship, it underscores that a key component of financial health as a couple is making sure you agree on your financial goals so it’s wise to have that conversation early to ensure you’re both on the same page,” Ewing added.
The Maru Public Opinion survey polled 1,534 randomly selected Canadian adults, aged 18 and older, overnight on Jan. 21 with a probability sample of this size having an estimated margin of error of +/- 2.5%, 19 times out of 20.