Understanding the Intersection of Romance and Finances: Insights from a 2024 Survey

When it comes to relationships, finances can be a tricky subject to navigate. Whether you’re single, in a committed relationship, or married, understanding your partner’s financial habits and credit score can be just as important as their personality and other attributes. A recent survey conducted by Experian in January 2024 sheds light on how Generation Z and millennial consumers view the relationship between dating and credit.

Discussing Finances: A Delicate Topic

Talking about money isn’t exactly a romantic ice-breaker, and many people prefer to delay these conversations. According to the survey, more than half of those in the dating pool (56%) plan to wait until they are in a committed relationship before discussing detailed financial matters like credit scores. Only a small fraction (4%) are willing to broach the subject before the first date, while the remaining 39% bring up finances at some point between the first coffee date and deleting the dating app.

Interestingly, most singles don’t believe that a person’s finances will significantly influence their dating decisions. Only 13% of respondents said that knowing someone’s credit score would sway their opinion about that person. This financial shyness isn’t limited to singles; those already in relationships or marriages are just as likely to be curious or indifferent about their partner’s finances.

How Couples View Their Credit Scores

The survey also revealed that couples today are less likely to co-mingle their finances compared to previous years. Fewer couples have joint accounts, and more married couples are choosing to file taxes separately. As a result, it’s not surprising that couples often have different credit scores. Among committed respondents, only a third said they had similar credit scores to their partner. Another third believed their credit score was better, while the remaining third thought their partner’s score was better.

When asked whose credit score was better, men were more likely than women to claim they had the superior score. Specifically, 41% of men believed their credit score was better, compared to 31% of women. However, this may be influenced by male ego, as previous Experian data shows that men and women generally have similar credit scores.

Who Should Pay on the First Date?

The question of who should pay on the first date is a common dilemma. The survey found that opinions were evenly distributed among four possible answers. However, gender was the most significant factor influencing responses. Men were the most likely to say they should pay for the first date, more so than any other demographic factor such as region, age, income status, or employment status.

Interestingly, those with higher incomes or their first grown-up job were somewhat more likely to pick up the check, but the preference was not overwhelming. Region and age showed almost no difference in who should pay.

Is Good Credit Attractive?

Finally, the survey asked a straightforward question: Is good credit attractive? The overwhelming majority of singles (four out of five) said yes. While it’s not necessary to include your credit score in your dating profile, good credit can boost your confidence, which is always attractive in a relationship.

Conclusion

Understanding the financial dynamics in a relationship is crucial for long-term success. Whether you’re just starting to date or are already in a committed relationship, being aware of your partner’s financial habits and credit score can help you make informed decisions. If you have any mortgage service needs, don’t hesitate to call O1ne Mortgage at 213-732-3074. We’re here to help you navigate the complexities of finances and ensure you make the best decisions for your future.

For more insights and personalized advice, reach out to O1ne Mortgage. Our team of experts is ready to assist you with all your mortgage needs. Call us today at 213-732-3074 and take the first step towards a financially secure future.