Who would have thunk it? It turns out, according to BMO, that Canadians are indeed, wait for it, uncomfortable with talking about money:
Canadians are more uncomfortable talking about money than religion, says a Bank of Montreal survey out Wednesday showing we are losing sleep over personal finances and our biggest fear is not having enough to retire.
I thought we had gotten over this Conservative dilemma. Apparently not:
Can we extrapolate this out into the housing market? Sure. Because the same people have been buying houses, wondering how they can pay for them. When the house doesn't look to be as good a buy as it did in 2006 and 2007, what will these un-financially savvy homeowners do? Probably the same thing as they did when they bought.
"Families are very worried... they may be over-spending and they don't really understand how they can plan for the future," said Sherry Cooper, chief economist at BMO Financial Group.
Just under half (46%) of survey respondents said they were least comfortable talking about money, compared with 34% being least comfortable talking about religion. But the survey revealed that six in 10 Canadians will talk openly about their love life and more than three-quarters (78%) would say who they voted for in the last election. (I'm guessing they didn't vote Conservative, just a hunch though).Around 35% of respondents with household incomes greater than $100,000 said they have lost sleep worrying about money matters.
90% of respondents knew how much their partner earned and 89% discussed personal purchases with each other. (I genuinely hope these people are renting)
"Most people are anxious but they're not taking action... they're being reactive and that's too late." said Cooper. "There is no one-size-fits-all solution . . .You have to plan in advance and financial planning is part of the whole process of lifestyle planning.
What's that you ask? The exact same thing as the rest of the herd, er, I mean neighbourhood, does. My guess is sell. And like on the way up, price won't matter, fitting in at the dinner table will.