Dating with Debt: Navigating Money, Love, and Politics
The Millennial generation has become synonymous with student loan debt, swiping right and left on dating apps, and taking a political stance, whether for the right, left, or anywhere in between. These associations also have a tendency to bleed together: beliefs about money, love, and politics all impact one another in interesting ways.
So, for this Valentine’s Day, we surveyed over 1,000 millennials (ages 25-35) across the U.S. to see how they are navigating these topics and found some trends that surprised us.
Debt Is a Bigger Turn-off Than Political Affiliation
Nearly two thirds (63%) of millennials said finding out a potential new romantic partner had over $50K in credit card debt would be a bigger turn-off than learning their date favored a different political party.
However, Millennials Are More Stressed Out by Politics Than Money
When asked to rank money, the current political climate, romantic relationships and careers in order of stress, our survey found that millennials were most stressed out by their relationships, then the current political climate, followed by money and lastly their career.
Millennials Believe in Financial Equality
When dating, nearly half (43%) of millennials say they go halfsies on the bill when they go out. However, nearly one-third (30%) believe in keeping it old school and say the man should always foot the bill.
Politics and Money Make for Bad First Date Conversation
Over half (56%) of millennials surveyed said they would only talk about money if their date brought it up and nearly a quarter (24%) said they would avoid the conversation because it makes them uncomfortable.
About four in 10 millennials said they would only talk about politics if their date mentioned it while nearly a third (31%) don’t want to talk about politics, period.
Debt Isn’t a Deal Breaker. Workaholism Is
Almost two thirds (64%) of millennials wouldn’t dump someone over their debt, because they acknowledge money isn’t everything. In the same vein, when asked if there was a threshold for how much debt it would take someone to consider not marrying or committing to a lifelong partner, 44% of respondents said that there’s no price too high for love.
But, nearly a quarter (23%) said that $100K+ of debt would make them think twice and 20% admitted that $50-$100K would put their future in question. This makes sense given that the average millennial carries $42,000 of debt .
Workaholism is the biggest dating deal breaker for millennials, according to the SoFi survey. It also topped the list in our 2017 survey, too. Nearly one-third (30%) rank it as the biggest red flag for a potential partner, over someone who has serious debt or is in a dead-end job.
Family Values Trump Politics
When starting a new relationship, millennials surveyed said that it was most important their partner share the same values when it comes to family then money and personal finances followed by religion and lastly politics.
As you can see, it is common to have debt as a millennial, whether it be student loan or credit card debt. If you need help conquering your debt you’ve come to the right place. At SoFi we offer multiple solutions that can help you get out of debt.
We offer student loan refinancing, which could help you potentially qualify for a lower interest rate or lower your monthly payments. You could also consolidate your credit card debt with a SoFi personal loan and help get your monthly payments under control.
The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The individuals surveyed for this article were not compensated for their participation. This information is educational in nature, is not individualized, and is may not be applicable to your unique situation. It is not intended to serve as the primary or sole basis for your financial decisions.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.