Millennials in long-term relationships struggle with financial stress, according to a survey.
Based on the polled millennials by Insider and Morning Consult, about 88% experience financial imbalance, which pertains to making more or less money than their partner. Of the 2,096 American participants ages 23 and 38 in the survey, 66% admitted that money triggered some level of stress in their relationship, 27% claimed it caused a lot of stress, and 39% said that money caused some stress.
Findings show that millennials in relationships are much more stressed about money than other generations who have partners. Moreover, millennials living with a partner also indicated stress, with 65.6% affirming that money causes some or a lot of stress in their relationship.
The survey indicates “quite a bit of money stress” among Gen Xers in relationships, with 56% overall reporting money stress. However, boomers in relationships are not reported as stressed, with 64% saying that money hardly cause stress in their relationship.
Millennials in relationships who have the same earning as their partners still manifest consistent levels of money stress as their financially imbalanced counterparts. Data shows that about 25% who earn similar amounts admit that money results in a lot of stress in their relationships while 33% indicates some stress in their relationships.
The same Insider-Morning Consult study revealed that millennials report more stress about debt than other generations did overall, and these debts are credit cards, mortgages, student loans, and car loans.
Aside from financial stress, another study reports that millennials quit their jobs due to mental health issues. According to Business Insider's Hillary Hoffower, millennials are delaying life events such as parenthood and homeownership due to money. Business Insider contributor Steven John points out stagnant wages as a major factor in the low rates of millennial homeownership. "Housing prices have soared by nearly 40% in the past three-plus decades, far outpacing wage increases and making homeownership much more of a challenge for today's buyers," John writes.
