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