Survey reveals trends in marriage, divorce and finances

Survey reveals trends in marriage, divorce and finances

On Behalf of Porter Ramsay LLP | Jul, 01, 2022 | Family Law

Most people expect divorce to have an impact on their financial situation. However, it is interesting to note that the impact is not always all negative. While divorce can be expensive, most divorcees also note that their financial management improved post-breakup.  

This was one of the many things revealed in Toronto-Dominion Bank’s “Love & Money” survey, which aimed to understand how people were approaching financial matters and relationships in British Columbia and throughout Canada. Here are some of the highlights from the survey: 

  • 54% of divorced respondents said it was easier to manage finances after a divorce, compared to while married. 
  • 57% of divorced respondents said their spending decreased after divorce, and their lifestyle and budget were more on par than before. 
  • 63% of married respondents under 40 did not have a shared credit card with their spouse, and 49% did not have a shared account. 
  • 60% of Canadians think financial success is easier to find than true love. 
  • 81% of Canadians say that secrecy about finances would be concerning to them. 

The results show a shift in financial attitudes among younger married people, who seem less eager to entwine their money than those from previous generations. Financial experts note that this differs from trends seen in “grey divorce,” a term used to describe the growing number of couples who part ways in their later years, often after decades of marriage. Many of those going through grey divorce face challenges such as shared loans and a lack of individual credit, which can make it harder to purchase property or make other important financial moves after divorce. Regardless of one’s circumstances going into a divorce, it can prove to be a good idea for individuals with shared property who are parting ways to contact an experienced British Columbia lawyer for legal advice and support. 

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