Half of Millennials Merge Finances Before Marriage
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From CNBC:
Millennials don’t feel the need to put a ring on it in order to open a joint checking account or start racking up points on a shared cash-back credit card.
For them, merging finances has become the norm in modern relationships, where couples are increasingly choosing to shack up sans an exchange of vows.
The share of both men and women ages 25 to 34 living with a partner has more than doubled from 20 years ago, according to Census data — for men it went from 6.9% in 1995 to 14.7% in 2014 and for women it went from 6% to 14.3% in the same time period. And that often means that unmarried couples are not only sharing the keys to an apartment, but discussing how to budget, creating a division of financial responsibilities and holding each other accountable for joint expenses.
In a recent survey by Credit Karma of both Millennials and Baby Boomers, half of married Millennials had either fully or partially merged their finances with their spouse before marriage, compared with a third of Boomers. And more than a third said they either relied entirely on joint credit cards or had at least one joint credit card along with individual cards, prior to marriage.
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