Love and money are the two biggies in life and relationships, and now, according to a new study by TD Bank, couples who talk about money have a higher happiness factor than those that don’t with 78% of couples who have the money talk at least one time a week reporting being happier than those who put off having the talk every couple of months (50%). Millennials lead the way when it comes to being real about money and relationships.
The second annual TD Bank Love & Money Survey found that money is a hot button topic for millennials, with 74% having a weekly money talk, and another 19% discussing it on a monthly basis.
How far into the relationship do they start having the money talk? For some it means talking even before they get together for their very first date with 48% of millennials who are using a dating site or service, saying they actually talk about money before meeting, up 12% from the other generations where just 36% have the talk before meeting.
Sharing money yes, but credit cards – not so much
Sharing finances is a big step for couples, and while two-thirds (68%) of millennials have signed on the dotted line to share at least one bank account, when it comes to sharing a credit card the phase of the day might be – not so fast.
It appears that some millennials are taking a stand against sharing credit card accounts with 60% saying that they keep some of their cards just in their names or forgo sharing credit cards altogether. Of all the generations, they have the highest numbers in this area, with 55% of Gen Xers and 48% of boomers keeping their credit cards for themselves.
Credit card debt can also be a deal breaker when it comes to relationships with 44% saying that they are less likely to have a relationship with someone who is credit card debt heavy
Saving is in style for millennials
Budgets are trending with millennials. Over half have budgets in all the categories in the survey including groceries/alcohol (73%), eating out (67%), entertainment (62%), travel (53%), clothing/personal items (55%) and savings/unexpected expenses (68%). But sticking to a budget was another story with just 38% actually being able to. What line item was the first to go when deciding to blow their budget? It would be eating out.
Yet saving is an area that millennials are besting the other generations with 68% saying that saving is part of their monthly budget while just 61% of Gen Xers and 52% of boomers are actively saving.
While they are fans of talking about finances and are twice as likely to end a relationship if they find out their partner is keeping a money-related secret, they are also twice as likely to be keeping a secret.
What secrets might they be keeping? Everything from having a secret bank account (48%) and significant credit card debt (37%) to having a less-than-stellar credit score (32%).