Will your relationship survive Red Tuesday? 1 in 3 Canadians admit to breaking up over money in new poll

Red Tuesday is tomorrow and apparently it’s one of the most unlucky days of the year for Canadian couples.

Every year, on Feb. 13, many fall victim to Red Tuesday, a day where many couples will break up to avoid spending money on a Valentine’s Day gift. 

In fact, a new poll found that 32 per cent of Canadians have broken up over money problems.

The poll is by Simplii Financial and its findings are from an Ipsos poll conducted between Feb. 2 to 7. 

Four in ten Canadians (38 per cent) say that money is a major cause of stress in their relationship. In fact, 46 per cent of those between the ages of 18 to 34 years old feel the brunt the most. 

“While money can’t buy love, personal finances can make or break a romantic relationship,” Simplii Financial Managing Director Jimmy Dinh said in a statement.

The survey found that Canadians highly value compatibility when it comes to finances and money management. Almost all (94 per cent) of Canadians say both parties must be on the same page in terms of household finances. 

On the other hand, one in three (33 per cent) have revealed they felt as if they were “doing it alone” when it comes to personal finances.

“Only half of Canadians in a relationship (50 per cent) talk money with their partner on a weekly basis…Eight in ten agree that they and their partner make a great team when it comes to managing their money,” the survey said.

“And yet, there is still room for improvement as three in four (73 per cent) acknowledge that their partnership could improve when it comes to managing their money,” it continued.

Here are the top reasons for financial compatibility based on survey respondents: 

• Being honest with each other about finances (59 per cent)
• Not hiding spending or debt from one another (56 per cent)
• Being able to talk openly and often about money (50 per cent)
• Accepting the spending priorities of their partner (44 per cent)

In contrast, here are the top reasons for incompatibility:

• Having different financial habits (44 per cent),
• One partner earning and/or spending more than the other (41 per cent)
• Being defensive about their finances (29 per cent)
• Having different levels of financial literacy (26 per cent)

The financial company suggests splitting the bill, setting financial goals and dialing up the romance as tips to become more financially compatible with your partner. 

A total of 1,500 Canadians over the age of 18 were interviewed online, of which 951 are married, common law, or in a committed relationship. The poll is accurate plus or minus 3.6 percentage points, 19 times out of 20.