What occurs when evolving gender roles, income responsibilities, and relationship expectations intersect? Just consult a millennial.
Given that there’s little historical context for collaborative financial handling outside of the traditional “male breadwinner” model, millennials are discovering how to navigate their own domestic and financial responsibilities, which can present challenges.
Indeed, a 2016 survey revealed that 88 percent of millennial couples view financial discussions as a source of stress within their relationships.
I spoke with three millennial couples regarding their financial practices to understand how they adapt to changing social standards and economic roles.
Erin Lowry, 28, New York City
“When my partner and I cohabitated, we decided against opening a joint account prior to marriage, though we review our bills together at least once a month.”
“To streamline payments, all bills are under my name, and he repays me through Venmo for his portion. We split expenses for utilities, rent, and groceries evenly, primarily to avoid petty disputes. Since my income is higher than my boyfriend’s, I tend to cover the bill more often when dining out.”
“We also hold monthly financial meetings where we discuss our personal financial aspirations as well as our joint future goals. We’ve agreed to keep our accounts separate until after we’re legally married.”
Kevin Matthews II, 27, New York City
“My wife and I conduct weekly family meetings to outline our financial objectives and updates. We maintain one shared account for savings, but otherwise, our finances remain separate due to significant differences in our spending habits and earnings—she makes 60 percent more than I do.”
“Instead of a strict 50-50 split for our expenses, she handles the rent and allocates the rest of her earnings towards our savings, while my entire income covers other expenses such as groceries, food, transportation, and mobile bills. Our aim is to manage our finances effectively as if we were living on a single income, and this arrangement brings us close to that goal.”
Kathleen Ventura, 32, Sedona, Arizona
“Years back, when we both held [traditional] jobs and he earned more, we had a unified money-management approach. All finances were considered ‘ours’ even prior to marriage.”
“Currently, I run a thriving coaching business from home while Brock—the 6-foot-3-inch, highly masculine outdoorsman—takes care of the household. His responsibilities encompass cooking, cleaning, hiking with our dog twice daily, managing bills, home renovations, grocery shopping, and laundry. His unwavering support is crucial for my earning potential.”
“The income generated by my business is shared equally. We operate from a joint bank account for our personal finances, and both of us have access to the credit card accounts. There’s no strict 50-50 division or allowance for him; it’s entirely collaborative.”
Regardless of their differing financial management styles, income distribution, and domestic roles, a key commonality among these successful millennial couples is a transparent and collaborative approach to household finances: A concept backed by research indicating that couples who frequently discuss financial matters report greater relationship satisfaction.
Despite evolving social standards, economic roles, and generational transformations, the fundamental principle of relationship success endures regarding money management:
Remember…communication is essential!
