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Cohabiting Canadians pay a steep price: study

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Cohabiting Canadians pay a steep price: study

According to a recent report, relationships have cost Canadians a combined $160 billion.

According to the findings by Finder.com, 31 per cent of Canadians have built-up an average of $17,417 in debt.

The most common cause of debt is purchases made via a joint bank account, while purchases made in a significant other’s name is the second leading cause.

Additionally, women take on more debt than men do; on average, women take on $23,557, more than double the average amount men take on, which is $10,972.

There’s also a generational gap when it comes to acquiring debt—Baby boomers take on an average of $28,277 in debt, while Gen Z takes on just $1,982.

“Whether you decide to combine your finances or not, your partner’s financial situation and attitude to money will likely have a huge impact on your own,” William Eve, country manager for Finder Canada, said in a news release.

“It’s a good idea to be across what type of debt they have, how much debt and their plan for paying it off before it starts to impact you financially,” he continued.

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