According to recent data by Fig, a Canadian online loan provider, 84% of Canadians currently carry debt, with one in seven feeling unsure whether they’ll eventually pay it off. However, one positive is that more people are willing to talk about their financial insecurities.
Personal finance has always been a taboo topic, especially when it comes to dating. However, it seems more people are valuing financial transparency today. In fact, 39% of respondents in a long-term relationship said sex was the most uncomfortable topic to discuss in a group, while only 28% said money.
What’s more? Ninety-four percent of Canadians said they want money struggles to be easier to discuss.
With 39% of Canadians saying their financial worries have kept them awake at night, and 34% stating they’ve felt hopeless about their finances in the past year, it’s obvious that more open conversations are required. Oftentimes, the more we talk about our financial fears, the less alone we feel, as we realize they’re far more common than we’d assumed.
“Money has become more than a financial tool; it’s become a reflection of how people see themselves,” said Francois Coté, CEO of Fig Financial. “We want to change that. True financial well-being isn’t just about having more, it’s about feeling secure, informed, and unashamed of where you are.”
Interested in taking control of your finances—and its hold over you? Here are four tips for navigating financial stress, especially within romantic relationships.
1. Discuss With Your Partner
Many people feel ashamed to discuss their financial struggles, as there’s a massive stigma around it. Especially when it comes to relationships, finances can affect the health, stability, and future of your life together as partners.
Of course, this doesn’t mean you should hide financial problems from your partner. In fact, 58% of Canadians said romantic infidelity and financial infidelity as equally upsetting.
Still, the fear of judgment is real, as 55% of Canadians with debt said having debt is a red flag. It’s no surprise, then, that 37% of males question their self-worth because of finances.
Money is, naturally, a practical concern, and one that should be handled with care in relationships. However, the more you talk about it with your partner, the better you can address the issue as a team. In fact, 94% believe that talking about money struggles should be more socially acceptable.
“At Fig, we’re urging Canadians to break the silence around debt,” says Coté. “Open, honest conversations are the foundation for financial confidence.”
2. Save for Emergencies
According to Fig’s research, 45% of Canadians believe a single unexpected expense could throw their finances off course, with 57% of Millennials admitting it could financially cripple them.
Additionally, 47% say a $10,000 emergency—and 32% say a $5,000 emergency—would put them into debt.
With these stats in mind, it’s clear we need more of a financial safety net. Of course, it’s not always as easy as transferring money into your savings account. Many of us can barely afford our bills each month. However, if there’s a way to do so, prioritizing your emergency funds over unnecessary, expensive purchases can certainly help.
3. Consider Alternatives to Big Banks
According to Fig’s survey, 31% of Canadians say they trust banks less than they did five years ago. That being said, many are choosing to work with fintechs like Fig, which tend to offer more personalized and transparent financial options. Before investing in a company, do your due diligence and weigh your options to ensure you’re selecting the right one for your needs.
4. Check Your Finances Regularly
It’s easy to have an “out of sight, out of mind” approach to your finances, failing to check your bank account and avoiding your debt altogether. The convenience of payment apps like Apple Pay and Venmo undoubtedly exacerbates the issue. However, this can be detrimental in the long run.
In fact, 6 in 10 Canadians agree that modern payment tools and one-click checkouts make them more susceptible to accumulating debt. That being said, it’s essential to review your finances regularly, staying on top of debt and ensuring you’re not overspending.
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