The COVID-19 Recession Is Putting Huge Money Stress on Millennial Couples

Published on July 23, 2020

Millennial couples stressed financially by the COVID-19 pandemic are postponing financial goals and fighting about money. Fewer report having a “great” sex life than before the pandemic, according to a recent survey.

At Honeyfi, we provide an app for couples to team up on money. We surveyed 300 Millennial couples to understand how COVID-19 has impacted couples and their finances. The results were startling. We found that 56 percent of couples feel less financially secure since COVID-19, and 22 percent of couples worry about money every day. More than half of couples are earning less (52 percent), saving less (51 percent), and spending less (53 percent) since the pandemic.

We asked couples what emotions they feel when they think about money. The top results, in order of prevalence were stressed (53 percent), overwhelmed (42 percent), frustrated (37 percent), nervous (35 percent), annoyed (28 percent), and confused (16 percent).

Additionally, 34 percent of couples are talking about money more since COVID-19, and 32 percent said money conversations are harder since COVID-19. Unhappily, 38 percent of couples are fighting about money at least once a month. The strife hurts the sex life. Ten percent fewer couples report having a “great” sex life compared to a January 2019 survey.

Couples are responding to their financial stress by delay their financial goals, with 75 percent of couples postponing a big financial goal because of COVID-19. More then half (55 percent) of couples are worried about achieving their financial goals at all. Here are the top financial goals that couples have postponed because of COVID-19:

·         Taking a big vacation: 47 percent

·         Buying a new home: 24 percent

·         Building an emergency fund: 23 percent

·         Doing a home renovation: 21 percent

·         Buying a new car: 19 percent

·         Having a baby: 19 percent

·         Getting married: 13 percent

·         Saving for college tuition for kids: 11 percent

Most low-income couples (74 percent) feel less financially secure since COVID-19 and 89 percent worry about money at least once a month. Nearly half (49 percent) worry about money every single day. Moreover, 66 percent of low-income couples don’t feel financially secure and 63 percent are fighting about money at least monthly.

The survey paints a bleak picture for couples. If you and your partner are struggling, know that you’re not alone.

Sam Schultz is a Grit Daily contributor and the Co-Founder and Chief Product Officer of Honeyfi, an app that helps couples save money, pay down debt, and get ahead. He has spoken to thousands of couples about their finances and been quoted as an expert in major outlets, including the New York Times, NerdWallet, and Forbes.

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