Divorce is never easy.
It can be “emotionally and financially overwhelming,” says Melissa Leong, personal finance author and speaker, in a press release.
But the financial stakes that come with divorce can be an opportunity to take back control of one's finances.
In fact, a TD Bank survey found that 52 per cent of surveyed divorced Canadians said they learned a new financial skill like tracking their spending, making bill payments, and saving for retirement.
Love and Money is an annual survey that explores financial behaviours of more than 1,700 married, in a relationship, and divorced Canadians.
The report also found that 74 per cent of divorced Canadians believe their financial status is the same or better than when they were married. And nearly half of those surveyed reported they consider themselves financially better off.
Love and money—the millennial way
Unlike any other generation group, the survey found that millennials are more likely to keep their money separate from their partners. Almost half of surveyed millennials said they don’t have a joint account or shared credit cards.
Millennials are not hesitant to end their relationship over money red flags. About 86 per cent said they’d leave their partners if they never offered to pay for anything.
And talking about money is just as important for millennials, with 81 per cent saying they’d end their relationships if their partner wasn’t open about their finances.
As millennials strive to meet their big financial milestones like buying a house or getting married, Leong says "it's important for couples to talk openly about money and possibly seek financial advice from a professional to help make sure each partner is on the same page about their financial goals."
In true millennial fashion, one in three couples prioritize buying a home than having a lavish wedding.
"As Canadians continue navigating the impact of the last two years, having open and frequent discussions about money and aligning on shared financial goals remains key," says Scott Belton, senior vice-president of TD's strategy and acquisition.
