Survey exposes how credit, savings and debt factor into millennials’ relationships
63% of millennials haven’t asked their partners about their savings, credit score or debt
Self Lender, a leading fintech startup offering Americans a way to build their credit score while also saving money, today released a research report that surveyed 500 millennial women and men, ages 18-34 across the country. The research uncovers attitudes towards love, credit, savings and debt. Comparing responses from men and women, and Gen Z versus Millennials, the survey ultimately found that while women are more likely than men to raise the subject of personal finances with their significant other earlier in the relationship, both men and women, millennial or Gen Z, are overwhelmingly likely to help their partner improve their credit score.
Self Lender’s survey ran nationwide September 21 through September 28, showcasing the company’s commitment to identifying sentiment associated with credit scores, debt and savings and developing solutions that support positive financial journeys. The company aimed to see how much financial concerns factor into Millenial and Gen Z relationships.
Respondents’ reactions around credit, savings or debt, and the time frames in the relationship when people start discussing what’s in their bank account and on their credit scores, is revealed throughout the survey.
Questions asked in the survey include:
- Have you asked your partner about their credit score, debt or savings?
- At what point in your relationship would you ask about your partner’s credit score, debt or savings?
- If your partner had a poor credit score, what would you do?
- If you found out you had a lower credit score than your partner, how would you feel?
- After six months to a year, do you agree that asking about your partner’s credit score, debt and savings is necessary for a successful, long-term relationship?
- If you found your future fiancé / fiancée had minimal savings, how would you feel?
- If you found out your future fiancé / fiancée had high debt (e.g. not counting student loans or mortgages), how would you feel?
- At what point in your relationship would you want to discuss starting a joint checking or savings account with your partner?
Key findings from the survey include:
- It takes six months to a year for most people to ask about their partner’s credit score, debt and savings. Most millennials don’t proactively consider their partner’s finances when dating (about 63% haven’t asked their partners about their savings, credit score or debt).
- While millennials may ask about their partners’ credit score, debt or savings before getting engaged (26.68%), they’re waiting until marriage to bring up the question of joint accounts.
- When it comes to savings, people understand the struggle. One quarter of respondents said they’d feel absolutely fine if their fiancé / fiancée had minimal savings as minimal savings is common. More than half are worried but would talk about making a plan.
- Looks like millennial men are less likely to ask the question about credit, debt and savings — 73.67% of men haven’t asked compared with 62.82% of women.
“Asking millennials how they would react to learning about their partners’ credit, debt and savings, shows how finances play a role in relationships. It also paints a clear picture of what that means for young people trying to manage their credit, debt and savings,” said James Garvey, CEO of Self Lender. “We hope that by bringing attention to how millennials discuss finances, and how it might impact relationships, people will be encouraged to find effective ways to take control of their money and responsibly plan for their future.”
For more details on the survey results, visit Self Lender’s website.
About Self Lender
Self Lender is a leading fintech startup offering Americans a way to build their credit score without the use of credit cards while also saving money. The company has helped over 150,000 people improve their financial journey with a credit-builder account, a simple way to build credit and save money at the same time. For more information, visit www.selflender.com.
SOURCE Self Lender, Inc.
