Aug 3, 2017
Under one roof: financial challenges faced by blended families
The instances of blended families are becoming more common in Canada. Newly-released 2016 Canada Census data found that the number of multigenerational families have grown in the last 15 years – rising 37.5 per cent. In addition, 12.3 per cent of families in Canada are stepfamilies.
No matter your family situation, money matters can get tricky when adding – or removing – a new partner, stepchild or extended family member into a household. In fact, a recent TD survey found that 66 per cent of Canadians living in a blended family say they face financial challenges because of their household situation, and 47 per cent find juggling these challenges stressful.
Having an open discussion ahead of time will lay the groundwork for a well-functioning home. TD offers today’s modern families a new set of house rules to help create a more stable financial future for everyone involved. For more survey findings, tips and advice, check out our infographic.
You might also like:Canadian economy has strong momentum, but high household debt is still a concern