Money remains a leading source of tension in American relationships, with three-quarters of adults reporting they have postponed a major life milestone for financial reasons, according to survey results released last week by TD Bank U.S.
Fifty-nine percent of those surveyed said they have felt at least occasionally scared or embarrassed to discuss their finances openly with a partner, and 68% said they feel pressure at least sometimes to appear more financially successful than they are.
Three in 10 respondents said they had hidden a purchase or financial decision from a spouse, partner or family member, and 23% said someone close to them had hidden one from them. Respondents reported concealing bad credit scores (21%), credit card debt (16%), gambling habits (14%) and bank accounts (11%). Among respondents supporting children under 18, 39% reported complete financial transparency, compared with 53% of those without financial dependents.
Seventy-five percent said they have delayed at least one major life milestone because of their current financial situation. The most commonly delayed were paying off debt (23%), travel (21%), buying a car (17%), buying a home (17%) and saving for retirement (15%). Delays skewed younger: 85% of Gen Z respondents reported postponing a milestone, compared with 79% of millennials, 66% of Gen X and 57% of baby boomers. Among respondents supporting children under 18, 84% reported a delay, compared with 67% of those without dependents.
Two-thirds of respondents, 67%, said they have received financial assistance from family members or someone close to them. The most common forms were help with everyday expenses or bills (24%), emergency support (21%), and assistance with credit card or debt payments, rent or mortgage payments, and car purchases or leases at 15% each. Gen Z respondents were most likely to have received support at 77%, followed by millennials at 71%, Gen X at 60% and boomers at 45%. Of those who received support, 31% said they received less than $1,000 after becoming financially independent, while 17% reported receiving $25,000 or more over time. Seventy-one percent said they have provided financial assistance to others.
Debt also factored into relationship decisions. Nearly half of respondents, 46%, said someone’s debt or financial habits would influence whether they pursued a serious relationship, including 51% of millennials and 49% of Gen Z, compared with 39% of both Gen X and boomers.
Asked what would most improve their financial confidence, 57% cited higher income, more savings or emergency funds, or less debt. Higher income ranked first at 31%.
