Ads Google

1 in 6 Canadians keeps financial secrets from their partner

by Steve Randall on 06 Feb 2020

Millions of Canadians could be facing future financial challenges due to secrets kept by their partners.

Financial infidelity has been identified in 1 in 6 respondents to a survey by rates.ca and that means hidden debt, poor credit scores, or spending are prolific.

Among younger Canadian adults, 30% admit financial infidelity and the report warns this could cause issues later on.

"Hiding a poor credit score or a large sum of debt can have consequences in the future. Especially for partners buying their first home or financing a car. Being transparent and taking the right steps to manage debt or correct poor credit can prevent disappointment and further financial woes," said Sara Kesheh, Vice President, Money, Rates.ca.

Three in ten (31%) Canadians are hiding purchases they make from their significant other. Almost one-third are concealing their poor credit score, 21% have hidden cash, 14% have hidden bank accounts, and 10% have a secret line of credit or a long-term loan.

Of those in a relationship, 47% say the value of their financial secret is at least $1,000.

Married or separated couples are more likely to have financial secrets below $1,000, at 46% and 53% respectively.



Post a Comment



Most Trending News

Why new housing development is exploding in Calgary
News

The Canada Mortgage and Housing Corporation's biannual Housing Supply Report highlighted Calgary as the Canadian city with the highest percentage growth of housing starts in 2021.

Read More
Ending exclusionary zoning would boost the housing supply
News

Roughly 70 per cent of Toronto is zoned for detached houses only, which restricts the number of units that can be built.

Read More
Bank of Canada raises interest rate to 1.5%, and what it means for your mortgage
News

This week, the Bank of Canada announced an increase to their policy interest rate of 50 basis points, amounting to a total of 1.50%. That means interest rates are now six times higher than they were at the start of the year.

Read More