Scrolling through dating apps and social media can make it seem like young adults are always out there enjoying life—traveling, shopping, and brunching. A survey by Credit One Bank of 1,000 Gen Z and millennials reveals that this picture-perfect lifestyle isn’t always real. In fact, 51% of respondents admit they stretch the truth about their financial success. Gen Z does this even more, with 54% exaggerating compared to 48% of millennials. Surprisingly, 37% would even overspend or go into debt just to impress someone on a date.
Credit Scores in Dating
Money matters are becoming part of our dating lives. Over half of the survey participants think a strong credit score makes someone more attractive. Nearly 24% won’t even consider a long-term relationship unless their partner’s score is 700 or higher. On the flip side, about 24% aren’t bothered by credit scores in dating at all. Interestingly, one in five people believe dating apps should include credit scores, but 55% think that’s too personal. Among those earning less than $50,000 a year, three out of five oppose this idea. In contrast, about a third of those making over $150,000 support it.
Spending to Impress
Men are more prone to spending big to make a good impression. About 46% of men would overdraft their account to impress a date, while only 28% of women feel the same pressure. Overall, 38% have taken on debt or negatively impacted their credit score due to a relationship, with 22% doing so specifically for a romantic partner. Men tend to report this behavior more, with 41% admitting to damaging their credit for relationships, compared to 35% of women.
Love and Financial Issues
Despite these money-related pressures, bad credit doesn’t always end a romantic relationship. Only 8% of participants would refuse to marry someone because of poor credit. In fact, 48% say they would or already have tied the knot with someone who has financial troubles. Moreover, 37% are open to dating someone if that person is making efforts to improve their financial situation. Men seem to be more forgiving: 47% would overlook past financial issues, while only 27% of women feel the same way.
Limited Money Talk
Interestingly, money discussions aren’t common among friends. Around 32% never talk about finances with their close buddies, while just 11% discuss it frequently. However, discussions about money tend to grow in romantic relationships, with 67% talking about finances at least once a month as they become more comfortable with each other.
As young adults navigate student loans, rising housing costs, and economic uncertainty, it becomes clear that social media drives many to project wealth they don’t actually possess. This creates a cycle of stress, leading to actions that might spiral into worse financial situations.
Recent data from the Federal Reserve highlights that the average student loan debt has swollen to over $30,000, further complicating the financial landscape for young adults today. Balancing want versus need, especially in a world of social media, becomes an even bigger challenge.
With these insights, it’s evident that financial transparency is crucial, yet often avoided. It’s a balancing act—navigating love while managing money is tougher than it looks.
