Love vs. Money: More Canadians Opt for Prenups
As wedding season approaches, numerous couples are ironing out the last touches on their impending marriages. For an increasing number of these pairs, this process includes drafting a prenup.
According to a recent survey conducted by TD, over half of Generation Z individuals desire their future spouse to agree to a prenuptial agreement before getting married or entering into a common-law partnership. In comparison, this figure stands significantly higher than the current nationwide average of 31 percent.
Generation Z is most worried about financial aspects of relationships.
In the survey, Generation Z exhibited the most pronounced concerns regarding money in relationships, as 65 percent stated that their significant other’s net worth matters significantly when beginning a new partnership. Additionally, one out of every four participants confessed they would probably avoid dating someone earning below their own salary level.
Nicole Ewing, Principal Wealth Planning Officer at TD Wealth, notes, “We understand that monetary issues often create significant strain within partnerships and are particularly prominent concerns for numerous individuals, notably those from Generation Z.” She adds, “By collaborating with your spouse to address these fiscal discussions directly, you may achieve greater mutual comprehension and lucidity regarding your partnership and individual economic prospects.”
Even though Generation Z has taken the strongest position, every age group showed significant worries regarding financial matters in their relationships. The study revealed that several leading deal-breakers across the nation encompass lying about money, refusing to contribute financially, and exhibiting poor expenditure behaviors.
A crucial aspect of maintaining financial well-being as a duo is ensuring that you concur on your monetary objectives,” notes Ewing. “Therefore, it’s prudent to initiate this discussion at an early stage to confirm that both partners share similar perspectives.
Creating your money blueprint as a youthful duo
Regardless of whether you’re setting aside funds for a wedding, a house down payment, or retirement, collaborating on a joint financial strategy with an experienced specialist can promote greater transparency and regular discussions regarding finances between you and your spouse—keeping everyone aligned with their core objectives.
For both single individuals and partners, setting financial objectives and gaining a clear insight into your expenditure habits is crucial. Regardless of whether you aim to craft a budget or collaborate with your significant other to achieve mutual investment targets, it’s wise to explore seeking professional financial guidance along with utilizing accessible resources.
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Love vs. Money? A Growing Number of Canadians Are Opting for Prenups
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