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• Feb. 2, 2021

When it comes to major life goals, many Canadians likely include financial stability and a lasting relationship on their list. But as it turns out, one may be easier to find than the other.

Love and Money by the numbers

Love and Money, a new survey from TD exploring the financial behaviours of more than 3,000 married, in a relationship or divorced North Americans, found that only two in five (40%) Canadians surveyed believe they've found their soulmate. The survey also reveals that half of Canadian respondents (49%) believe it's easier to find true love than financial success. Additionally, the survey shines some light on how Canadian couples surveyed are faring when it comes to their finances during the COVID-19 pandemic.

The impact of COVID-19 pandemic

A year into life under COVID-19, the pandemic continues to disrupt nearly every aspect of our lives including our financial well-being and ability to celebrate life's milestones with loved ones.

According to Love and Money, 60% of Canadian couples surveyed report that they're having trouble meeting their financial goals during the COVID-19 pandemic. In fact, the pandemic has led to behavioural changes for 51% of Canadian respondents who say they’ve adjusted their spending habits because of COVID-19:

  • 62% reduced overall non-essential spending
  • 44% cancelled vacations or travel
  • 36% delayed larger purchases
  • 28% cancelled unnecessary subscriptions & memberships
  • 19% set limits on individual spending

That said, many Canadian couples surveyed are feeling cautiously optimistic about their future financial goals.

  • Nearly nine-in-ten (88%) Canadian respondents are currently saving for something.
  • For those in a committed relationship, the survey also reveals that COVID-19 has made talking about money easier:
    • Nearly half (45%) of Canadians surveyed say the pandemic has led to more open and constructive conversations about their finances, including the need to adjust spending habits by reducing spending on non-essential items and delaying larger purchases.

Communication is key

The survey shows that conversations about money are critical, especially when sharing your finances with another person. In fact, "not talking about money with my partner on a regular basis" is the top financial mistake noted amongst Canadian respondents.


  • 77% of Canadian couples surveyed say they typically open up about their finances within the first year of their relationship – including 56% who get very candid within the first six months.
  • Among Canadian married couples and those in a committed relationship, 85% of respondents say they're talking about money on a monthly basis.
  • Millennials appear to be the least likely to put their financial cards on the table, with only 53% of Love and Money Canadian survey respondents saying they would discuss money in the first six months of a relationship - the lowest amongst all generations.

As you might expect, the survey also shows that when it comes to love and money, not all conversations go smoothly… So, what are Canadians arguing about when it comes to their finances?

  • Perhaps unsurprisingly, arguments about money were most common amongst divorced respondents (29%) vs 20% of respondents in relationships.
  • 10% of Canadian couples surveyed say they argue about essential joint expenses such as bills or mortgage payments, while 16% argue about optional joint expenses such as dining out or subscriptions.
  • Lastly, the Love and Money survey reveals that 8% of Canadian respondents who are in a relationship admit that they are keeping a financial secret from their partner - including a secret bank account and/or significantly large credit card debt.

What's Keeping You Up at Night?

When asked about their greatest financial fears, Canadian survey respondents shared a number of concerns, including:

  • 16% said 'not being able to retire'
  • 14% said 'not being able to afford my current lifestyle'
  • 11% said 'not being able to pay off debt'
  • 9% said 'loss of employment'
  • 8% said 'not being able to provide for our family'

TD is helping many Canadians with their finances during these uncertain times through personalized financial advice and everyday banking capabilities via online tools, like TD Ready Advice and TD MySpend.

Click here to view an accessible PDF.

About TD Love and Money Survey

Research company MARU/Matchbox conducted the survey among a nationally representative sample of Canadian consumers focused on couples and money. The online fieldwork occurred between December 2, 2020 and December 8, 2020. A total 1748 completes were gathered in Canada and 1709 in the U.S. Data have been weighted by age, gender and region to reflect the population. Margin of Error on the total sample is +/- 2.3%.

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