BUSINESS

BMO Valentine's Day Report: A Third Of Canadians Keep Some Financial Secrets From Partner

02/10/2016 02:08 EST | Updated 02/10/2016 02:59 EST

If you want things to go smoothly this Valentine’s Day, maybe don’t bring up money. A new study from BMO Bank of Montreal found that a third of Canadians want to keep some aspect of their finances secret from their partner, and a fifth argue about money at least once a week.

The most common secrets people keep from partners are what they spend their money on and how much they actually spend. Almost 50 percent have lied to their partner about finances at least once in their relationship.

The main reason for keeping finances to themselves, cited by 42 per cent of people, is simply that it’s easier. Another 40 per cent said they want to maintain a sense of independence.

Maybe secrets are kept with good reason — research in the United States has shown that overspending is the most common financial deal breaker in relationships. Although the number two deal breaker is, ironically, keeping secrets.

The good news is that Canadians are less inclined to keep secrets the more serious their relationship becomes. Only 28 per cent of married couples said they’d like to keep money secrets, compared to 31 per cent of those in common law marriages and 34 per cent of people not living with their partner, the BMO study found.

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