Ontarians appear to be cutting back on dates amid ongoing affordability issues, according to a new survey.
Data from TD’s Love and Money survey show respondents are either going on less dates (32 per cent) or cheaper dates (30 per cent) due to affordability issues.
“With 35 per cent of Canadians wanting a shared financial plan with their partner, it’s clear that transparency and boundaries around money are top of mind for singles and couples alike,” Senior Portfolio Manager at TD Wealth Jeet Dhillon said in a press release.
TD did not provide the number of respondents who said affordability had no impact on their love lives.
When it comes to relationships, the survey also suggested that people are considering financial capability more, with 18 per cent of respondents saying they are looking for “a partner who’s good with their money.” More than a half of respondents said similar financial goals (53 per cent), spending habits (52 per cent), and financial transparency (52 per cent) were “factors that matter in a partner.”
One in four Ontarians, meanwhile, said they have kept a financial secret (24 per cent) from their partner, 56 per cent said they might break up with their partner if they were lying about money and 40 per cent said they could end things with their partner if they never offered to pay.
A third (33 per cent) of Ontarians said that they had a financial argument with their partner at least once a year.
“We know that finances can be a big stressor in relationships and are clearly on the minds of many Canadians, especially Gen Z,” Nicole Ewing, Principal, Wealth Planning Office, TD Wealth, said in a press release.
The TD survey suggests that some people are trying to plan ahead when it comes to dating and finances, with 35 per cent of respondents saying they want a prenup ahead of entering a legal partnership. However, two in five Ontarians (38 per cent) said they have either never had or delayed “the money talk” until they moved in together or got married.
A third (33 per cent) of Ontario respondents said they had a joint account where they share expenses with their partner, while another third (33 per cent) said they have separate accounts and split every expense. About 31 per cent said they have a joint account and separate individual accounts.
The survey was conducted between Jan. 9 and 13 and sampled 1,502 Canadian adults. TD says that a comparable size survey carries a margin of error of 2.5 per centage points, 19 times out of 20.
