More millenials, Gen Zers delay marriage to reduce debt

More millenials, Gen Zers delay marriage to reduce debt


Student debt is putting a damper on young Americans’ relationship decisions, according to a new study from private lender LendKey Technologies.

About one-third of respondents between ages 18 and 34 say they might postpone marriage — or have already done so — until student debt is paid off, according to the study, which surveyed 1,037 U.S. adults who attended college. The study was given to USA TODAY exclusively.

That number shrank among older respondents. About 17% of those between 35 and 54 would postpone marriage and 10% of those 55 and older would delay it. 

Debt also affected partner choices.

Get involved!:Who inspires you? USA TODAY seeks your Women of the Century

Coronavirus:Businesses restrict travel to China as economic fallout spreads

Just over one-third of millennial and Gen Z respondents say a potential partner’s student or credit card balances could affect their choice of a spouse, depending on the amount of debt. Twenty percent say they’d be fine with student loan debt but not credit debt, while 6% say the reverse. 

Just 4% say any amount of debt was a dealbreaker. Roughly 36% of the people surveyed say debt wouldn’t factor into marital decisions. 

“Student debt is something millennials have to think about when considering marriage,” says Vince Passione, chief executive at LendKey. “It’s not just affecting their wallets, it’s also affecting the way they view relationships.”

Fewer people are getting married, but even fewer are getting divorced, according to the U.S. Census Bureau.

A separate study shows that more than 50% of dating millennials don’t want to marry until their finances are in order, according to a recent survey from Credit Karma. Almost two-thirds of those surveyed millennials who were in a relationship have a separate bank account from their significant other. And nearly one-third say that keeping at least one bank account separate from their partner’s helps keep their relationship alive. 


Source link

By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.