Key takeaways
- Younger generations are handling money differently than those before them.
- Gen Z and millennials are much more comfortable discussing money.
- Money is one of the biggest reasons for divorce.
- Talking about money before marriage is a good thing.
Apparently, I was born in the wrong generation. I just found out from a study by Bankrate.com that 40% of Gen Z and millennials will split a bill at a restaurant when on a date. When I was that age there was no such thing. If you were on a date, the guy paid for it. End of story. Plus, you never talked about money.
This Bankrate study looked at both of those issues and they found a fairly significant change, which surprised me a little. Unlike my generation, for the most current two generations, 40% of them say they split the bill when on a date and 35% of them say they basically start right away in asking money questions.
They ask things like, “Where’d you get that outfit?” “Where’d you graduate from school?” “What kind of car do you drive?” These may not seem like money questions at first, but they are. They give insight into how much money you might have, money habits, and spending habits.
I don’t think this is a bad thing, though. Actually, I think it’s a good thing because it gives you very important information about whether a person makes money decisions in the same way you do. This is especially important if you plan on building a relationship with the person.
Money is one of the biggest reasons marriages split up. So, if you think you may end up going down that road at some point, it’s best to know, up front, how this person relates to money. And that can be a really sticky topic.
It makes me kind of happy to hear that the newer generations are talking about a subject that was basically taboo for my grandparents, parents, and me. It’s a great movement in the right direction. Hopefully that trend will continue moving forward. Until next time, enjoy.
Gary
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