CHARLOTTE, N.C., Feb. 9, 2021 /PRNewswire/ -- Relationships are tricky enough without adding money to the mix. For young and older couples alike, talking (or not talking) about debt, or about ways to spend or save, can cause tension.
To understand how this impacts younger couples, MagnifyMoney surveyed nearly 1,000 Gen Zers and millennials who are married, engaged or in a relationship. According to the findings, nearly three-fourths said they'd been mad at their partner because of a financial decision they made, while 15% hadn't yet discussed debt with their partner.
- 74% of partnered millennials and Gen Zers have been mad at their partner for a financial decision they made. The top two argument drivers: The partner made a big purchase without telling them about it (31%) or spent a lot of money on something the respondent considers to be frivolous (30%).
- When asked the hardest part of their relationship money-wise, 30% said each partner was raised with a different view on money. The other most common answers were one partner earning a lot more than the other (19%) and one partner being a saver and the other a spender (17%).
- Gen Z and millennial couples are saving for the future. In fact, 57% are saving for a home and 46% are saving for a baby. Plus, 38% of those who are in a relationship but not engaged are saving for a wedding.
- Nearly 1 in 7 (15%) Gen Z and millennial couples haven't discussed debt. That jumps to nearly a third (32%) for those who don't live together. Even 8% of married couples have never talked about debt.
- Nearly a quarter (24%) of married Gen Z and millennials still keep separate bank accounts. An additional 19% have a joint account in addition to their separate accounts. This could be one reason why more than a third (36%) of young couples say they use a service like Venmo or Cash App to pay their partner at least once a week.
For many, the most difficult part of dealing with finances while being a couple came down to being raised with different views on money.
A point of contention could be frivolous spending, said Lauren Perez, a MagnifyMoney deposits writer. With video games, for example, one partner might not agree with the other's spending decisions because they feel the money could be spent elsewhere.
"Someone who is used to living paycheck to paycheck may not understand the money views of someone who comes from generational wealth and vice versa, which can certainly lead to disagreements," Perez said.
To view the full report, visit: https://www.magnifymoney.com/blog/news/millennial-gen-z-relationships-survey/.
MagnifyMoney commissioned Qualtrics to field an online survey of 1,523 Americans ages 18 to 40, conducted Jan. 22-26, 2021. Of the total sample size, 953 respondents were married, engaged or in a relationship. The survey was administered using a non-probability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
We defined generations as the following ages in 2021:
- Generation Z: 18 to 24
- Younger millennial: 25 to 32
- Older millennial: 33 to 40
MagnifyMoney.com, a subsidiary of LendingTree, makes it easy for consumers to shop for the best financial products and get answers to their most important financial questions. MagnifyMoney's unbiased advice and comprehensive product database helps millions of people compare credit cards, loans, checking accounts and savings accounts. MagnifyMoney's newsroom of personal finance experts is dedicated to helping people save money and lead financially healthier lives through strategies and tips for avoiding fees, getting out of debt, paying off student loans, avoiding consumer scams and other financial topics. MagnifyMoney was launched in 2014, was acquired by LendingTree in 2017, and is based in New York, NY. For more information, please visit www.magnifymoney.com.