Financial Baggage Is A Relationship Deal Breaker For Millennials
Dating just got a lot more complicated: rather than swiping right, you may have to submit your credit report before having Sunday brunch with that cute coworker of yours. It turns out that young adults are more concerned than ever about their potential partner’s financial baggage.
A report by Bank of America showed that half of Millennials and 62% of Gen Zers confessed that they would think twice about starting a relationship if the other person had debt. Nearly two-thirds of Millennials and more than three-quarters of Gen Zers said that financial stability was high on the list for someone to be considered dating material.
A White Picket Fence, Two Children, and an Excellent FICO Score?
The life motto of Millennials is “balance.” They’ve seen their parents put in grueling hours at work, struggle during the Great 2008 Recession, and receive small Social Security payouts, so financial security is a must. Young adults want to have a lifestyle that provides for more personal freedom, such as taking spontaneous vacations and trips, and they want to have something substantial to show for their hard work when they retire.
Half of Millennials and 62% of Gen Zers confessed that they would think twice about starting a relationship if the other person had debt.
April Schneider, head of consumer and small business products at Bank of America, says that twenty-somethings “juggle debt with both near and long-term financial priorities, like buying a home, getting married, starting a family, and saving for the future - and they’re finding it difficult.”
The Ideal Life Partner for Millennials
Those born in the 1980s - 2000s find themselves rife with technology and practically anything they could want at the swipe of a finger, including a partner. With so many options to choose from, Millennials and Gen Zers like choices, but it does not make other problems go away. Lingering student debt and skimpy job prospects, just to name a few, are making Millennials choose to start a family later in life, as opposed to their older counterparts.
Millennials and Gen Zers are not only looking for financial stability, but true happiness with their life partner before they start a family, and they’re deciding not to settle down with someone who doesn’t share their financial prudence, amongst a slew of other desirable traits.
According to Jennifer Behnke, a marriage and family therapist from Juno Beach, Florida, “Millennials are looking for a partner who can fulfill all their needs: They want a financial equal, an erotic partner, a best friend, and some day, a strong co-parent. That’s a tall order ― and if a potential partner falls short, they’re quick to look elsewhere.”
Millennials are looking for a partner who can fulfill all their needs: They want a financial equal, an erotic partner, a best friend, and some day, a strong co-parent.
Adding “no student or credit card debt” to an already tall order sounds as if it may be more fantasy than reality, especially when considering that college tuition fees and larger purchases such as vehicles usually require taking on debt. However, according to the lending platform Lendkey, people are more likely to date someone with student debt than someone with a spotty credit card history.
Closing Thoughts
Sky-high dreams of finding that perfect partner, complete with shared values, a great sense of humor, a sparkling smile, and a clear credit history may sound like a pipe dream for Millennials and Gen Zers. But if we’re rejecting someone purely based on their debt then we should rethink our priorities. With so many dating choices out there, the younger generation should be looking at someone’s spending habits and money management patterns before making a hasty decision - after all, they might just need someone to look past their flaws too.