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Gen Z A survey shows that couples argue with their partners about finances and keep money secrets.
Nearly nine in 10 (91%) of Gen Z (people aged 18 to 28) said they have argued with their partner about finances, compared to 76% across all age groups.
According to research, not saving enough, spending too much on non-essentials and differing financial priorities are among the common reasons for conflict. starling bank,
The survey found that of all generations this age group is the most likely to keep financial secrets from their partner, with 45% doing so, compared to the average of 37%.
The secrets kept included hidden bank accounts, secret purchases, and misreporting of income.
But the survey of more than 2,000 couples across the UK also indicated that Gen Z are particularly financially literate and are the most likely of the generations to prioritize financial optimality.
To help couples communicate better and improve their relationship with money, Starling has created an interactive tool aimed at strengthening financial communication.
Becca Stroud, personal finance expert at Starling, said: “It’s great that Gen Z are so financially literate, but it’s important for this literacy to be appreciated how we all view money slightly differently.
“Everyone has their own approach when it comes to finances, which can lead to disconnect, conflict or stress – which is why it’s so important for everyone to learn about the different money languages people speak.
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“This can help us understand each other’s perspective and learn how to best communicate with each other money-wise. That’s why we created Starling’s Money Language Tool.”
Mortar Research was commissioned by Starling to survey over 2,000 people who are in a long-term romantic relationship lasting at least a year.
This research was done in November.