Managing household finances truly a partnership: CPA Canada survey
TORONTO, Nov. 5, 2013 /CNW/ - A national survey conducted for the Chartered Professional Accountants of Canada (CPA Canada) reveals a high level of trust and shared responsibilities among spouses or partners when it comes to managing household finances.
Virtually all respondents (96 per cent) are comfortable talking about financial matters with their spouse or partner. In fact, 92 per cent of those surveyed said they trust the money decisions made by their significant other.
"It was very encouraging to discover that more than 80 per cent of the respondents discuss household finances regularly with their spouse or partner," said Nicholas Cheung, CPA, CA, a director with CPA Canada. "Open lines of communication are important to make sure that couples are on the same page when it comes to money management."
Ninety-four per cent of the respondents felt that speaking openly about money signifies a strong relationship. A majority of respondents also cited a number of money matters that were being equally handled:
- 85 per cent felt making a major purchase was a task equally shared
- 58 per cent felt the same way about monitoring the household budget
- 56 per cent had the same opinion about managing financial investments
In addition, 50 per cent of respondents felt that managing day to day banking was equally handled and almost half (49 per cent) felt the same way about ensuring the tax returns were filed. Still in line with those findings, 46 per cent of those surveyed felt that ensuring the bills were paid was equally split.
"What emerges from the findings is that in so many ways managing the household finances is really a joint effort," noted Cheung.
Sixty-nine per cent of respondents stated their spouse or partner had shared with them the personal identification number (or PIN) for at least one credit or debit card. In addition, 70 per cent of those surveyed said they set a household budget together with their spouse or partner.
"It makes sense to work together on establishing a household budget," explained Cheung. "Not only does it help to keep the lines of communication open but spending time managing your household finances can go a long way in reducing stress and providing some peace of mind."
There are challenges associated with money management and the survey findings reflect that. Almost four in ten (37 per cent) of those surveyed said they had argued over money with their spouse and partner.
The CPA Canada 2013 Spouse/Partner Financial Survey was conducted by Harris/Decima via telephone between October 10 to 16, 2013 with a national random sample of 634 adult Canadians aged 18 years and over who have a spouse or partner living in their household. The survey is considered accurate to within ± 3.9 per cent, 19 times out of 20. A survey summary report is available online at www.cpacanada.ca/2013managingfinances.
About CPA Canada
CPA Canada is the national organization established to support unification of the Canadian accounting profession under the Chartered Professional Accountant (CPA) designation. It was created by the Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada) to provide services to all CPA, CA, CMA and CGA accounting bodies that have unified or are committed to unification. As part of the unification effort, CPA Canada and the Certified General Accountants Association of Canada (CGA-Canada) are working toward integrating their operations. Unification will enhance the influence, relevance and contribution of the Canadian accounting profession both at home and internationally.
SOURCE CPA Canada