Have you ever wondered how the rest of Canadian couples spend and allocate their money? Well, here are some interesting number released by Stats Canada. (Keep in mind that these stats have been calculated in regards to Canadian couples that have at least one member 45 years or older).
The study breaks down the way couples earn, portion and spend cash. It’s an interesting way to hear more about the way money is used in our country.
57% of couples pool their income, with both partners withdrawing and spending at their own discretion.
20% of couples use an ‘allocative model’ – where one of the partners decides all expenses. Interestingly here, of that 20%, the majority of decision makers are female.
23% of couples earn and manage their funds independently. This method is more common with common-law couples, in higher-educated partnerships – and more often occurs in cases where the female earns a relatively higher amount. Also – this is becoming much more common in the younger generations.
These are great numbers to keep in mind when you consider what other people do with money (and how it relates to you). It’s nearly impossible to guess how others are doing it, without studies like this. Getting to know how the rest of the country assigns their money, can be a great way to get tips on how to handle it yourself. Perhaps you’re in an ‘allocative’ household, but want to try independent management, or vice versa. There are plenty of ways to manage your money – and if you’re in some debt troubles, it might be time for a change to one of these other methods.
However you want to handle your money with a partner, open communication and conscious spending are just as big a part as ever.
For more information on this and other Canadian financial studies, check out the Stats Canada website.
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