Who manages the debt in your household? It’s a simple question, and it may seem like there’s a simple answer. However, if there are two adults in your household, the answer you give may be quite different than the answer your partner would give.
According to a recent Manulife Bank poll of Canadian homeowners between ages 30 and 59, more than 54% of the women in two-adult households indicated that the responsibility for managing household debt was evenly shared with their partner. However, when men were asked the same question, only 39% felt the responsibility was shared equally.
Digging a bit deeper, the poll highlighted the fact that 56% of men and 36% of women indicated that debt was managed by “mostly me” or “only me”, whereas only 10% of women and 4% of men felt it was managed by “mostly my partner” or “only my partner”.
What’s really going on here?
It seems clear that many couples have different perceptions about how debt is managed in their household. And this can lead to major money problems for these couples in the long term: If you and your partner aren’t on the same page when it comes to debt, you’re likely to remain in debt longer or pay more interest than you need to.
And the bottom line on all this?
Only half of the people polled felt confident that they could get debt-free. And women seemed much less confident than men about reaching the goal of becoming debt-free.
Discussing debt can be uncomfortable for some couples – but it’s a conversation that is important to your long-term financial health. An excellent way to cut debt down to size, or eliminate it entirely over time, could be a Consumer Proposal.
The problem is that most couples don’t know how to have a discussion about money problems.
If you’ve been trying to reduce your debt load over the past few years, but haven’t been able to make a dent in it, then it might be time to call on a debt relief professional who can help you make sense of it all. If you feel we can assist you, please contact us today (toll-free) by dialing (844) 507-7526, or contact us to book a free Debt Relief Consultation.