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Survey: 74% Of Millennials, Gen Z Have Been Angry At Partner Over Money

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Survey: 74% Of Millennials, Gen Z Have Been Angry At Partner Over Money

Valentine's Day might be Sunday, but there is little love to share among partnered milliennials and Gen Z-ers when one member of the pair makes a unilateral financial decision.

What Happened: According to a new survey of 1,523 adults by MagnifyMoney, a subsidiary of LendingTree (NASDAQ: TREE), 74% of respondents admitted they have been angry with their partner because of a financial decision they made.

The money-fueled fights primarily occur when one partner makes a big purchase without telling the other about it (31%) or when one partner spends a lot of money on something the other views as frivolous (30%).

When asked the most difficult financial aspect of their relationship, 30% of respondents said each partner were raised with very different concepts of money.

See Also: Best Savings Accounts

Other responses involved one partner earning more than the other (19%) and one partner being a saver while the other is a spender (17%).

As a result of this schism, 24% of married Gen Z members and millennials still keep separate bank accounts and 19% have a joint account while also maintaining their separate accounts, according to the survey. 

What's Not Happening: While 57% of the polled younger couples said they were saving for a home and 46% were saving for a baby, 15% admitted they have never discussed debt.

Unmarried couples mirror their married peers: 38% of those who are in a relationship but not engaged said they were saving for a wedding ceremony, but 32% of couples who don't live together have yet to talk about debt.

The new survey follows a LendingTree study released last week that found 35% of Americans believing they knew more about money than their parents, with those most likely to boast superiority over their elders including six-figure earners (54%), baby boomers (45%), college graduates (47%) and men (42%).

However, 47% of respondents acknowledged they learned about finances from their parents or other family members.

 

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