A huge part of having a successful relationship is chemistry—but that isn’t just relegated to romance. Financial harmony matters more than ever.
Or at least that’s what the findings of Northwestern Mutual’s 2023 Planning & Progress Study suggests. The wide-reaching survey tapped 2,700 about how money affects their lives, particularly romantic relationships. According to the report, Gen Z is less concerned about physical compatibility than financial, a belief that older generations weren’t as concerned about.
“Generational wealth conversations are happening earlier and more often than ever, and because of it, younger generations are learning more about their parents’ financial compatibility and habits—both good and bad,” Veronica Fuentes, CFP, Northwestern Mutual managing director, said in an interview with Fortune.
The report outlined that nearly half (49%) of Gen Zers place more importance on money than romantic connection in relationships. This is compared to 40% of millennials, 35% of Gen Xers, and 30% of baby boomers.
This is unsurprising as the young generation has been faced with multiple economic catastrophes that have undoubtedly casted a shadow over their formative years.
As ESSENCE previously reported, finances have changed how millennials and Gen Z date. A September 2022 Lendingtree report found that 22% of millennials (ages 26 to 41) and 19% of Gen Zers (ages 18 to 25) have entered into debt from what they’ve spent on their romantic dates. Surveyors said on average they spend about $91 on a date, and women respondents men spend an average of $104.
“Everything is getting more expensive,” LendingTree Chief Credit Analyst Matt Schulz says in the report as reported by CNBC. “It’s not just the new clothes, roses, ride-share, fancy dinner, concerts or the after-show coffee — it’s all of it.”
It’s understandable why money is top of mind for young adults when planning their future with someone else.
“When it comes to financial anxiety, younger generations are facing multiple pressures. They are more vulnerable to economic downturns, they have had less time to prepare for volatility, and they may not have faced financial challenges as a couple,” Fuentes says. “Meanwhile, older couples may have faced, planned for, and persevered through periods of financial uncertainty multiple times.”
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