Gen Z couples are the most likely to argue with their partner about finances and harbour money secrets, a survey indicates.
Around nine in 10 (91%) of Gen Z (people aged 18 to 28) said they have argued with their partner about finances, compared with 76% across all age groups.
Not saving enough, spending too much on non-essentials, and having different financial priorities are among the common reasons for a row being sparked, according to the research for Starling Bank.
This age group was found to be the most likely of all generations surveyed to keep financial secrets from a partner, with 45% doing so, compared with an average of 37%.
Hidden bank accounts, secret purchases and misrepresenting income were among the secrets being kept under wraps.
But the survey of more than 2,000 couples across the UK also indicated that Gen Z are particularly financially literate and among the generations most likely to prioritise financial compatibility.
To help couples communicate better and improve their relationship with money, Starling has created an interactive tool that aims to strengthen financial communication.
Becca Stroud, a personal finance expert at Starling, said: “It’s great that Gen Z are so financially literate, but it’s crucial for this literacy to be balanced out by an appreciation for how we all approach money slightly differently.
“Everyone has their own take on finances which can lead to disconnect, conflict, or tension – which is why it’s so important for all to learn about the variety of money languages people speak.
“This can help us to understand each other’s perspectives and learn how to best communicate with each other money wise. That’s why we built Starling’s money languages tool.”
Mortar Research was commissioned by Starling to carry out a survey of more than 2,000 people who are in a long-term romantic relationship lasting at least a year.
The research was carried out in November.
