According to a new report, older couples could learn a thing or two about money from younger couples. The TD Bank survey of 1,700 adults found that millennial couples discussed money matters more than older couples. Not only are young couples tackling that tough subject more often, doing so is making them happier.
The report found that 97 percent of millennial couples discussed money at least once per month. Meanwhile, 93 percent of Gen-X couples talked money once a month and just 78 percent of Baby Boomer couples did the same. The researchers also found that nine out of 10 millennial couples were “extremely happy” in their relationships. When the researchers broke down the money talk even further — asking couples if they talked about money weekly — the disparity was even more apparent. Seventy-five percent of millennial couples said they talked money weekly, compared to 66 percent of Gen-Xers and 44 percent of Boomers. The kids are truly leading the way, and that’s a good thing. A solid line of communication is key to establishing trust with your partner. “We’re in a better place than we used to be because younger couples are more willing and open to talk about their money — and to address it directly, right out of the gate,” Dr. Jane Greer, a psychotherapist and relationship expert, told CNBC.
One of the reasons young people talk about money more often is that they likely need to talk about it more often than older couples. Older couples typically have a more stable financial life, so they don’t have to discuss a $50 credit card charge when it appears unexpectedly. Still, this report is overwhelmingly positive. The more couples discuss money the better. While many factors impact relationship happiness, money is certainly one of them. Young people seem to understand this, and that’s a good sign for everyone’s future.