First Date Finances: It's a New World for Millennials

Millennials are redefining financial expectations and are willing to have frank conversations about finances early on in romantic relationships, according to a new Bankrate.com report. For instance, 23- to 38-year-olds are nearly twice as likely as their elders to say they’d be comfortable discussing money-related topics such as salary, credit score, student loan or credit card debt on a first date (35% vs. 18%).

When it comes to finding an ideal match, finances aren’t out of the equation, especially for Millennials; 62% say that knowing someone’s credit score could impact their interest in another date (compared to 51% of those who are older). Moreover:

Twelve percent of Millennials would have a major issue if their date earned significantly less or more than them. This compares to 6% and 3% of those who are older, respectively.
Millennials are more likely to expect to split the bill on a first date than any other generation (37% vs. 26% of those who are older).

On average, Millennials think $97 is an appropriate amount to spend on a first date, the highest of any generation.

“Money can be a sore subject, but it tends to shed light on several important factors when considering a future partner,” says Amanda Dixon, analyst at Bankrate.com. “Poor credit and financial habits could be an indicator of deeper issues such as immaturity and irresponsibility. While it may seem taboo to talk about finances on the first date, don’t be so quick to swipe left on the money talk.”

Men and women also differ on their financial beliefs, deal breakers and etiquette when it comes to dating. Men are more comfortable discussing money on a first date than women (28% vs. 21%), while:

Women are more likely to say a potential suitor’s credit score would have a large impact during the dating vetting process (21% vs. 13%), and men are more likely to say it would have no impact (50% vs. 40%).
Less than 1 in 4 (24%) women would have no issue with their date making significantly less than them, compared to 44% of men.
70% percent of men say they would pick up the first-date tab entirely, versus 7% of women who say they would foot the bill. Meanwhile, 54% of women expect their date to pay, compared to just 10% of men. Women are twice as likely as men to opt to split the bill (40% vs. 20%).
Men estimate it’s appropriate to spend an average of $95 on a first date, while women estimate $80.

Overall, most Americans would be uncomfortable discussing money on the first date (67%), where, on average, they would expect to spend $87. Fifty-five percent admit a credit confessional could send a date to the friend zone, including 1 in 6 (17%) who say it would have a significant impact. Only about one-third (34%) would have no issue dating someone who earned considerably less than them, while less than half (46%) would be completely fine if their date made significantly more than them.

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