Many Gen Z and Millennial couples choose to move in together before marriage to save money, but that doesn’t mean they split expenses.
About three in five unmarried millennial and Gen Z couples live together, according to a report from the Center for Thriving Psychology. Half of these couples don’t split the cost of their mortgage or rent equally.
“You’re not going to get the same answer for every couple about what’s fair,” says one psychologist quoted by CNBC.
More than half of couples, 54%, said finances were part of their decision to move in together. But this does not mean that they divided the expenses in half. The study found that half of couples do not split the mortgage or rent equally, and 39 percent do not share the costs of maintaining an animal equally. On the other hand, 37 percent feel that their relationship is “financially unequal.”
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“I advise young couples to seriously consider dividing their household bills by income and then revisit that each year as income changes,” said Kathy Curtis, founder and CEO of Curtis Financial Planning in Oakland, California, according to CNBC. As he explains: For example, if your salary makes up a third of your household income, you may be responsible for a third of the rent.
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