TORONTO, Feb. 12, 2019 (GLOBE NEWSWIRE) -- With Valentine’s Day around the corner, Canadians have chimed in with their stories of financial infidelity in a social media contest conducted by Credit Canada.
The contest, conducted in early February, asked for and received several tales of betrayal. Here are just a couple examples:
The contest builds upon last year’s Financial Infidelity Survey, co-sponsored by Credit Canada and Financial Planning Standards Council (FPSC). The Leger poll asked Canadians the following question: “What is the worst form of financial infidelity you have been a victim of from a former or current partner?”
Not surprisingly, one third of those in a relationship (34%) kept financial secrets from their current romantic partner. Some other findings:
“Talking about money can be difficult for an individual, but when in a relationship, issues are exacerbated,” said author, personal finance educator and FPSC’s Consumer Advocate, Kelley Keehn. “For example, 50 per cent of Canadians are $200 away from not being able to pay their bills. That can lead to a great deal of stress and strain on a relationship.”
“Often, partners do not discuss money matters,” says Laurie Campbell, Credit Canada CEO. “It doesn’t seem romantic. As a result, many individuals don’t know about their partner’s secrets, how they handle money, their values around money, or their thoughts on credit and debt. This leaves room for miscommunication and at worst dishonesty and possibly partner financial abuse.”
Financial infidelity red flags:
Laurie Campbell and Credit Canada’s Tips to Combat Financial Infidelity
Kelley Keehn’s 6-Step Conversation
Use the following questions and to-dos to get financially naked with your spouse and ensure you are on the same page:
More stories of financial infidelity can be found on the Credit Canada website.
About Credit Canada
Credit Canada is a not-for-profit credit counselling agency that provides free and confidential debt and credit counselling, personal debt consolidation and resolutions, as well as preventative counselling, educational seminars, and free tips and tools in the areas of budgeting, money management, and financial goal-setting. Credit Canada is Canada’s first and longest-standing credit counselling agency and a leader in financial wellness, helping Canadians successfully manage their debt since 1966. Please visit www.creditcanada.com for more information.
About Financial Planning Standards Council
A professional standards-setting and certification body working in the public interest, FPSC’s purpose is to drive value and instill confidence in financial planning. FPSC ensures those it certifies―Certified Financial Planner® professionals and FPSC Level 1® Certificants in Financial Planning―meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics. There are approximately 18,500 financial planners in Canada who have met, and continue to meet, FPSC’s standards. More information is available at FPSC.ca and FinancialPlanningForCanadians.ca. Effective April 1, 2019, FPSC will become FP Canada™: a national professional body dedicated to advancing professional financial planning. Learn more at FPCanada.ca.
About the Financial Infidelity Survey
Leger conducted a survey of 1550 Canadians between Jan 2 and 5, 2018 using its online panel, LegerWeb. A probability sample of the same size would yield a margin of error of +/-2.5%, 19 times out of 20. Leger’s online panel has approximately 475,000 members nationally – with between 10,000 and 20,000 new members added each month, and has a retention rate of 90%.
Contact for more information
Office: 416-640-5525 x 239
CFP® and Certified Financial Planner® are certification trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated. © 2019 Financial Planning Standards Council. All rights reserved.
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