Couples who talk about money at least once a week say they are happier (78%), than those who discuss money less than every few months (50%). Establishing a healthy dialogue about finances can help couples get on the same page from the start and result in happier relationships in the long run.
According to the second annual TD Bank Love & Money Survey, money is a hot relationship topic for millennials with 74% discussing it weekly (and an additional 19% discussing it at least once a month). In fact, these discussions begin even before the first date, with nearly half (48%) of millennials surveyed who have used an online dating service discussing their finances before meeting, compared with 36 percent across all generations.
What’s Mine is Yours? Not So Fast, Say Millennials
• While more than two-thirds (68%) of millennials have at least one shared bank account, they are somewhat averse to sharing credit card accounts, with 60% stating they keep some separate or don’t share any at all (compared with 55% of Gen Xers and 48% of boomers).
• Across all generations, 76% of couples share at least one bank account, including 79% of those who said they are happy in their relationships. Moreover, 63% of all couples shared at least one credit card, including 68% of those who are happy.
• Credit card debt is a significant factor when it comes to relationships and 44% say they are less likely to date someone with credit card debt.
More Millennials Are Saving for a Rainy Day
• More than half of millennials budgeted for all surveyed categories: Groceries/alcohol (73%), eating out (67%), entertainment (62%), travel (53%), clothing/personal items (55%) and savings/unexpected expenses (68%).
• Only 38% of millennials actually stick to their budgets, and dining out monthly is the first to go (65%).
• When it comes to savings, however, millennials bettered their counterparts with 68% indicating it’s budgeted for monthly compared with 61% of Gen Xers and 52% of boomers.
Keeping a Secret? It Could Ruin Your Relationship
• Although millennials are twice as likely (one-in-five) to break up with their partners if they discover a financial secret, they’re also twice as likely (one-in-five) to be keeping one (versus 10% overall).
• The most common financial secrets across all generations are: a secret bank account (48%); significant credit card debt (37%) and a bad credit score (32%). Fifteen percent of those keeping a financial secret never plan to come clean.
“Secret bank accounts, or major debt not revealed, are secrets that can really impact trust and intimacy in a relationship,” says April Masini, renowned relationship expert and author of the ‘Ask April’ advice column, who analyzed the results of the TD Bank survey.
“The damage is never about the money — it’s about the secret. The secret is the damaging dynamic.”