One-third of young Canadian couples between the ages of 18 to 35 keep completely separate bank accounts and financial products, with only 10 per cent holding all of their accounts and products jointly, according to a new RBC poll.

Feeling a sense of financial independence (51 per cent) was the main reason why young couples decided to keep completely separate bank accounts and products, with 31 per cent citing having different financial needs.

Almost two-thirds (65 per cent) of young couples say that planning for a financially stable future is top of mind.

“Discussing financial plans that take into account long–term objectives and life events is essential to any relationship,” says Patricia Domingo, investment & retirement planner, RBC. “Being on the same page and agreeing on financial priorities can help ease the transition to buying a dream home or starting a family.”

The poll found that half of young Canadian couples say that preparing to have a child in the next five years is really important to them and 41 per cent hope to buy a home in the next five years.

The survey also indicated that 47 per cent of young Canadian couples try to live within a set budget but don’t always succeed, and 74 per cent want to be more financially independent.

“Balancing saving and spending can be a challenge, especially when you start to merge your finances with your partner, and each couple should decide together what works for them,” adds Domingo. “Working with a qualified financial advisor can help couples better understand their financial needs, habits and goals.”

RBC offers young couples the following advice to help build and maintain a healthy financial relationship and achieve their life goals:

• talk openly with your partner;
• decide on key issues; and
• review your financial arrangements as a couple.

The poll was conducted by DECODE between Nov. 13 and Dec. 6, 2009. The survey of 1,736 young Canadians, aged 18 to 35 that are living together, was conducted online, with respondents recruited from an online panel.