For love or money

Money doesn’t buy happiness—or does it? Discover how you and your special someone compare to the rest of the province when it comes to love and money.

By Fonds de solidarité FTQ

In collaboration with Léger, the Fonds de solidarité FTQ conducted a survey of 1,506 Quebecers aged 18 and over. The goal was to learn more about our personal finance habits.

As the saying goes, money doesn’t buy happiness—or does it? Discover how you and your special someone compare to the rest of the province when it comes to love and money.

Does money come up during pillow talk?

Apparently, deliberating over RRSPs is more intimidating than talking about what goes on in the bedroom! Interestingly enough, the survey revealed that residents of Quebec City are more inclined to talk about sex than other Quebecers but find it more difficult to talk politics.

In Quebec, the most sensitive subjects to discuss with a romantic partner are money (48%), sex (28%), and politics (25%).

Do you share a bed—and bank account?

The survey results showed that 19% of couples in Quebec have joint bank accounts, 34% have a joint account for household expenses as well as personal accounts, 45% keep their finances separate, and 2% have a partner who manages both of their finances.

Quebecers don’t seem interested in becoming one with their loved one, especially when their income is less than $40K!

Does financial savvy make you swoon?

Comedians will be glad to know that being funny is still a valuable trait! On the other hand, cooking enthusiasts should keep in mind that responsible money management is sexier than mastering the perfect osso buco.

When asked if a good sense of humour was an attractive quality, 92% of respondents answered yes, 7% had no preference, and 1% answered no. When asked if financial savvy was an attractive quality, 77% of respondents answered yes, 18% had no preference, and 5% answered no. Finally, when asked if knowing how to cook was an attractive quality, 75% of respondents answered yes, 21% had no preference, and 4% answered no.

Would you shack up with someone who had previously gone bankrupt?

When asked if they would consider sharing a mortgage with someone who had previously declared bankruptcy, 83% of respondents answered no, while 17% answered yes.

Quebecers are not too keen on the idea, even if their partner resolved their financial issues many years ago.

Are you planning to start a family?

Apparently, Quebecers are feeling the pull of parenthood! But we can all agree that the next best thing is furry feline friend. Meow.

When asked how many children they planned to have, 37% of respondents answered two, 18% none, 17% three, 16% one, 4% four, and 3% five or more, while 4% answered that they would rather have a cat.

Are you saving for your children’s education?

When asked if they’ve started to save for their children’s education, 51% of respondents answered yes, 45% answered no, and 4% answered not applicable.

If you want your child to become a molecular biologist, renowned physician, or defence lawyer, you might want to open that college fund. Only a thin majority of Quebecers have started to save with their kids’ education in mind!

Do you turn to your partner for financial advice?

It’s often difficult to understand financial jargon and sift through the different investment options. Quebecers are choosing to turn to their financial advisor rather than discuss the issue with their romantic partner.

When asked if their partner is the first person they ask when they have a financial question, 98% of respondents answered no and only 2% answered yes. Honey, I’ve been sneaking around . . . with our financial advisor!

Are you familiar with the following financial products?

The survey revealed the following: 45% of men and 40% of women know about RRSPs; 39% of men and 32% of women know about TFSAs; 27% of men and 21% of women know about savings bonds; 24% of men and 12% of women know about mutual funds; 23% of men and 13% of women know about GICs; and 18% of men and 13% of women know about the HBP.

Unfortunately, most Quebecers seem to be missing out on the benefits of smart personal finances. With an RRSP, you can save for your retirement, go back to school, or even buy your first house using the HBP!

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