Why the Gen Z Dating Scene Is All About Retirement 

Have you ever asked a date about their emergency savings or 401(k) balance? 

That may sound like a faux pas to many readers, but it’s just common sense for some in Gen Z. The generation is feeling the squeeze when it comes to the high cost of living and preparing financially for the future, new survey data from Bank of America shows. Even among Gen Z households earning more than $100,000, only 26% contribute to a 401(k). It’s not that they aren’t saving, but rather that the majority are focused on paying down debt, building emergency savings and preparing for important life events like buying a home. In this context, assessing a potential romantic partners’ financial wherewithal feels like a necessity, as does reducing the amount of money spent on dates and entertainment. Sure, dinner and a movie are nice, but so is a healthy emergency fund.

“We can joke about it, but the fact that Gen Z has this focus on assessing a potential partner’s financial situation says a lot about the challenges they’re facing,” said Matt Gellene, head of specialized consumer client solutions at Bank of America Merrill Lynch. “Gen Z is an important part of our client base, now and in the future. We can’t just laugh and overlook this.”

Feeling the Squeeze 

Nearly a quarter of Gen Zers are delaying some aspect of dating or relationship progress due to their financial situation, according to the survey. Among Gen Zers who are in relationships but not living together, the same percentage is hesitant to move in together or get engaged because of questions about money. It’s no surprise, then, to see that single Gen Zers are seeking a partner who is responsible with money and has similar financial values. By the numbers: 

• 74% of survey respondents would prioritize finding a partner who is financially responsible, while 66% would choose a partner who can provide financial security. 
• 65% would prioritize finding a partner with positive financial behaviors, while 58% are seeking a partner with strong financial knowledge and 51% want a partner with good earning potential. 

These perspectives hold true across the relationship status spectrum, Gellene noted. There are no significant differences whether respondents are single, dating or married. Overall, having irresponsible spending habits is one of Gen Z’s biggest romantic dealbreakers, with 43% saying they would not date or marry a person with such a trait. Serious red flag. 

Why Advisors Should Care. Few financial advisors base their practice on serving Gen Z clients at present, Gellene noted, but that will eventually change. The generation is well educated and stands to earn and inherit significant wealth in the future, current cost-of-living challenges notwithstanding. Advisors who do nothing to prepare their practices to serve the unique needs and preferences of this generation could eventually fall behind.