- More than nine in ten millennials (93%) say they are fully clued up on their partner’s finances, with half a million (4%) choosing to share this information on a first date
- 18-34 year-olds are quickest to suss out their new partner’s purse, with almost half (45%) doing so within the first six months of dating compared to only a quarter of over 55s (24%)
- The young are four times more likely (21%) than older generations (5%) to have shared their own financial information in order to find out their partner’s bank balance
- Knowledge does not stop there – clued up millennials are also significantly more likely to feel they know the financial situation of their best friends, siblings and colleagues
- With more than two thirds of consumers (67%) holding financial products with their partners, uSwitch.com urges older generations to follow the lead of millennials and get clued up on their partners finances.
Millions of millennial couples are setting a precedent for financial information sharing, with more than nine in ten (93%) of those aged 18 – 34 prioritising finding out about their other half’s finances before settling down, according to research from uSwitch.com, the price comparison and switching service.
Across the board, 18-34 year-olds were significantly more likely to have sussed out their partner’s finances very early in the relationship, with more than half a million saying they were candid about money during their first date. Almost half (45%) of millennials had found out about their partner’s financial situation within the first six months compared to just a quarter (24%) of over 55s.
With more than two thirds of Brits (67%) holding financial products with their partners, the shrewd behaviour of the younger generation means they rest happy in the knowledge of the financial viability of their other half as they take on joint any financial liability.
However overall, financial candour and knowledge are considered important in a relationship whether the couple holds joint financial products or not – 82% of people say they know how much their partner earns, and 77% across all ages think their partners know the contents of their pay packet, rising to 81% among 18-34 year olds. By contrast, only 10% of Brits think that their finances are none of their partner’s business.
Overwhelmingly, the motivation for sharing personal financial information is to help with household budgeting (59%), which is unsurprising considering that over half of couples (55%) have a joint current account and over three fifths (62%) have taken out a loan together such as a credit card, mortgage or other borrowing products. However, romance is not dead with almost half (48%) saying the catalyst for sharing financial information with their partner was wanting to show a new level of commitment to the relationship.
Reflecting an increased openness to speak about their finances, millennials are also well-informed about the purses of their nearest and dearest. Almost a quarter (24%) of 18 – 34 years olds know about their best friend’s finances, compared to just 10% of the over 55s. A fifth (22%) of young people know about their siblings’ finances, compared to just 4% of the over 55s, and perhaps surprisingly, 11% of millennials say they know about their colleagues’ finances, compared to just 1% of the over 55s.
The research found that only a minority of Brits deliberately hold back financial information from their partners. Indeed, just one in seven (14%) share nothing with their partner and one in twenty (4%) say they have not done so as they are embarrassed by their financial situation.
Tashema Jackson, money expert at uSwitch.com, says: “We celebrate the financial candour of millennials and would encourage all generations to take the lead from them and become more candid about their cash.
“Being clued up on your partner’s finances is not only wise if you are committing to each other, but is imperative if you are planning on taking out any form of credit together. Once you take out a joint financial product with someone else, you are both jointly and severally liable for the full balance of the loan, and any missed payments or defaults from either party will impact on both your credit ratings.
“Knowing about your partner’s financial situation before you commit to a new product can significantly reduce financial difficulties, such as problems keeping up with repayments later on.”
Find out how you could save over £1,000 a year with uSwitch here.