Canada's high cost of living is causing harsh financial realities for many couples, with more than half (55%) reporting they need to be in a relationship to pay for their lifestyle, according to the RBC 2024 Relationships & Money Poll.

Money was called out as a source of stress by more than three-quarters (77%) of the couples who were polled, as well as the cause of arguments by three-in-five (62%). In addition, almost a quarter (23%) admitted that it's never been more stressful to talk to their partner about their finances, with two-in-10 (20%) flatly stating their partner 'simply avoids talking to me about finances'.

"If you're one of the couples struggling to make ends meet right now, you may not think a bank can help. We want you to know that we've worked with many Canadians who are trying to cope with challenging circumstances. Whatever you're facing, we'll have options for you to consider," said Craig Bannon, director, Regional Financial Planning Support, RBC.

Poll findings indicated that couples are finding financial conversations challenging and one of the underlying reasons is because they don't agree with how their partners deal with money:

Another key poll finding: Even when couples talk, action doesn't always follow. A quarter (26%) responded that, while they talk about improving their money situation together, they don't know what to do next.

Bannon offered a few suggestions to help take some of the stress out of money conversations and set up actions to follow.

Additional financial advice and resources, including articles about marriage and money, can be found at rbc.com/mymoneymatters.

Fast Facts: RBC 2024 Relationships & Money Poll

National & Regional Findings

About the RBC 2024 Relationships & Money PollThese are the findings of a national survey commissioned by RBC and conducted from June 21 to 26, 2024, among n=1,507 Canadians 25+ who are in a cohabitating relationship and are members of the Angus Reid Forum. The sample frame was balanced on gender and region according to the latest census data. For comparison purposes only, a probability sample of this size would yield a margin or error of ±2.5 percentage points at a 95% confidence level.

DisclaimersRBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

This is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up to date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

About RBCRoyal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

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For more information, please contact:Kathy Bevan, RBC Corporate Communications, 647-618-2287

SOURCE RBC Royal Bank

SOURCE: RBC Royal Bank

SOURCE: RBC

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