Gen Z, Millennial Couples Prefer Financial Autonomy

Becky Blevins, CFP®, CPWA®, MSFS March 25th, 2024

Over the years, I’ve come to believe that learning to navigate financial discussions and events in a relationship is a must that transcends generations. However, recent data shows that Gen Z and Millennial couples are forging their financial path once again.

In fact, 43% of Gen Z and 31% of millennials say they prefer to keep their financial accounts separate from their partners to maintain financial autonomy, and for many, this may be what’s best for their financial situations. However, this approach will almost always require extra structuring when considering investment, retirement, or estate strategies.1

Fortunately, the same communication lessons seasoned investors (and couples) learned in their younger days still apply when maintaining separate accounts.

Here are some of my favorite time-tested strategies for maintaining open financial communication with one’s partner:

  • Identify Shared Expenses — Shared expenses include housing, utilities, and groceries. Coming to a mutual understanding about what costs are shared and how they are split is key.
  • Consider Income Differences — If there’s a significant income difference, some couples opt to divide expenses in proportion to their incomes to ensure a balanced financial load.
  • Agree on a Savings Goal — While you may have your current financial split figured out, you should also agree on an annual savings goal. This will help prevent surprises on how prepared your household is as you near retirement.
  • Establish Transparency — Even with separate finances, transparency is crucial. Some have found luck in creating a single joint account for shared expenses to foster transparency and trust while keeping all other accounts separate.

Reach out to your financial advisor to help facilitate a discussion around shared accounts, maintaining financial autonomy, or any other financial questions you (or your loved ones) may have., November 16, 2023. “Gen Z and millennial couples are more likely to keep their finances separate.

Read More By Becky Blevins, CFP®, CPWA®, MSFS

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. Investment advisory services are offered through Concord Wealth Partners, an SEC Registered Investment Advisor.

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