Laurel Road recently conducted a survey of 2,200 American adults, including 492 Millennials and 291 Gen-Zers, to find out how conversations around money are playing out in personal relationships, and to see if we can expect more financial transparency among couples in the future.
Relationships and financial infidelity
Love and finances don’t always make the perfect pair. In fact, in our recent survey of American adults, Laurel Road found that financial infidelity is not uncommon, with about 2 in 5 of these respondents who have been in relationships reporting that one partner has hidden spending from the other. Additionally, 24% have had their partner hide spending habits from them while 22% have hidden their spending habits from their partner. This number is higher among Gen Z and Millennials who have had a romantic partner, as well as those who have debt.
On the contrary, 46% of those currently in a relationship discuss budgets and finances with their partner at least weekly. This number is highest among Millennials (57%) and Gen Z (48%) who are in a relationship.
Mixing finances and commitment
Our results also delve into how financial conversations impact the start of a relationship. Most couples said they discuss their financial situations before making major commitments to each other, like moving in together and getting married.
- 51% of those in a relationship say you should discuss debt before moving in together, and an additional 23% of respondents say you should be open about debt when the time comes to move in together.
- 28% who have not had a romantic partner think you should never discuss debt with a partner.
- Gen Z often says the need to discuss debt comes later, while those who have had a romantic partner are much more likely to think you need to discuss debt earlier in a relationship.
Among those in a relationship, here’s when our respondents said they would discuss debt with their romantic partner.
|
When do you feel is the best
time to discuss debt with a romantic partner? |
In a relationship (Total) |
Gen Z |
Millen-nials |
Gen X |
Baby Boomers |
Silent |
|
Before moving in together |
51% |
43% |
43% |
52% |
57% |
72% |
|
When you are moving
in together |
23% |
32% |
26% |
23% |
18% |
6% |
|
When you are
engaged |
10% |
8% |
10% |
8% |
11% |
13% |
|
When you are
married |
13% |
12% |
17% |
14% |
11% |
8% |
|
Never |
3% |
4% |
3% |
3% |
2% |
0% |
Together in sickness, health, and…debt?
According to our survey, couples often consider each other’s debt before consolidating their finances. 62% of respondents who have combined finances with a partner in the past say debt would play a role in future decisions to combine, while 55% of respondents who have never combined finances also stated debt would be a factor they’d consider.
When it comes to dating, 5% of Millennials and 3% of Gen-Zers feel it’s best to discuss debt with a romantic partner while on your first date, yet 29% of Millennials and 27% Gen-Zers feel it’s best to discuss it when you’re officially in a relationship.
How financial tools can help couples
When it comes to managing their finances, our survey examines the types of financial tools and services that would be most helpful to manage finances with a romantic partner.
According to our survey results, here are the tools Gen Z and Millennials would turn to for help.
|
Financial Tools |
Gen Z |
Millennials |
|
Discussions
with your partner about your budget and financial goals |
45% |
54% |
|
Financial
planning tools to help you manage your investments and your wealth |
41% |
34% |
|
Joint
bank accounts |
29% |
35% |
|
Speaking
with a financial adviser |
33% |
28% |
|
Credit
monitoring tools (e.g., Credit Karma, Experian, etc.) |
31% |
34% |
|
Budgeting
apps |
32% |
32% |
|
Document
sharing platforms to store and share important financial documents (e.g., OneDrive, Google Drive, etc.) |
25% |
25% |
|
Expense
splitting apps (e.g., Venmo, Splitwise, etc.) |
27% |
26% |
|
Other |
0% |
1% |
|
None
of the above |
12% |
8% |
When to comes to love and money, there aren’t always simple solutions. But among Gen Z and Millennials, there is a rising trend to bring meaningful financial conversations into the open sooner rather than later to help them reach their financial goals.
About the survey
The survey was conducted by HarrisX and commissioned by Laurel Road online between January 17, 2024, and January 21, 2024 and results were taken from a random double-opt in survey of 2,200 American adults. The sampling margin of error of this poll is plus or minus 2.1 percentage points. The results reflect a nationally representative sample of adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population.
HarrisX is a leading opinion research company that specializes in online polling, mixed-mode polling, and data analytics. The company has a thirteen-year history assessing public opinion and behavior in the public affairs, media, consumer technology, and telecom industries through syndicated and custom research services. In 2020 HarrisX ran the most accurate poll of the U.S. Presidential elections. HarrisX runs the Mobile Insights and Total Communication Surveys, the largest syndicated consumer insights trackers in the United States for the TMT space, which include over 60,000 monthly respondents; the Telephia (beta) metering application, which captures behavioral data; and HarrisX Overnight Poll, which delivers results of general population and voter surveys within 24 hours, looking at Americans’ opinions on society, politics, technology and the economy. For more information visit: www.harrisx.com.
