Survey results from BeFrugal point toward sense of financial independence in Generation Y
Boston, MA - More Millennials than any other generation are getting married this year. A new survey from BeFrugal by Kelton Global offers surprising insight into how Generation Y couples talk about money before they tie the knot.
Two in three (67%) Millennials wouldn’t require full financial disclosure before marriage (i.e. knowing each other’s spending habits, income, net worth, savings and retirement plans, assets, investments, and debt), compared to fewer Gen-Xers (55%) and Baby Boomers (47%).
While it may not be a requirement, 90% of Millennials would feel comfortable sharing their own financial status with their significant other before marriage. In fact, nearly 10% of Millennials would share financial information as early as the first date!
Though this generation is often written off as irresponsible, this might be a sign that Millennials are actually more financially independent. Marriage is still relevant to many Millennials, but establishing individual financial security is a crucial prerequisite to wedded bliss. The motivation to become financially independent before marriage may explain why Millennials tend to get married later than previous generations, as reported by The Council of Economic Advisers in 2014.
Another reason for marrying at a later age could be longer time in school. The Pew Research Center reported that Millennials are sizing up to be the most educated generation in history. Interestingly, BeFrugal’s survey also found that a college education seems to encourage financial discussions between partners. More than half (55%) of college graduates have discussed their financial beliefs and goals with their partners, while only 34% of individuals with a high school education or less have had the same conversations.
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About the Survey
The BeFrugal 2016 Survey was conducted by Kelton Global between January 25th and February 1st, 2016, among 1,017 nationally representative Americans ages 18 and over, using an email invitation and an online survey. Quotas are set to ensure a reliable representation of the U.S. population ages 18 and over. The margin of error for this study is +/- 3.1 percent.