Nearly half of Americans (48%) who are either married or living with a partner admit they get into scuffles over money, with a vast majority saying it has to do with their partner’s spending habits, a new survey finds.
Sarah Berger, founder of TheCashlorette.com, a personal finance blog for young women which conducted the survey, says it’s important to set the tone early — even on the first date — to help manage your money expectations.
“We found that Millennials prefer to split the bill more than any other age group. I think that the data proves that hard and fast, traditional rules that dictate that the man should always foot the bill on the first date are outdated. Just like how men are no longer always the sole breadwinner in the family, money rules dictated by gender are no longer relevant,” Berger tells FOX Business.
Younger Millennials under the age of 27 are also spending less on dates, according to the survey. When asked how much is appropriate for adults to spend on the first date, older Millennials (ages 27-36) and Gen Xers’ (ages 37-52) median response was $100. That number was twice as much as younger Millennials (under 27), Baby Boomers (ages 53-71) and the Silent Generation.
Berger says while it’s good to be on the same financial page as your partner — or date — you don’t need to have identical views.
“It’s okay to have your own opinion! What could fester romantic resentment later down the road, though, is if you both have totally different expectations as to how the other person saves and spends money. Set the tone early on to manage expectations, and if you have totally different spending and saving behaviors, keep separate accounts.”