More millennial couples are finding themselves in a financial twilight zone, between the fiscal commitment of the first date bill and a ring.
Millennials are holding off on marriage longer than any generation before. Only 26 percent of adults ages 18 to 32 are married. In comparison, 36 percent of Generation X and 48 percent of baby boomers tied the knot at the age millennials are now, according to a Pew Research Center survey in February.
With millennials delaying marriage, whether for personal or financial reasons, or simply forgoing marriage altogether, long-term relationships have become more prevalent. “Couples are waiting for marriage, delaying marriage and not willing to marry until they’ve really had a long testing period,” says Stephanie Coontz, professor of family studies and history at The Evergreen State College in Olympia, Washington.
U.S. News asked dating and money experts which financial issues couples in long-term relationships encounter most often and to share their suggestions for tackling relationship money matters. Communication is the key factor, but as Felicia Garland, a financial advisor at Greenberg & Rapp Financial Group, Inc. in East Hanover, New Jersey, says, “There really is no right and wrong. It’s what they both feel comfortable with.”
Have an honest discussion about finances. Once you decide you’re serious about your relationship, discuss