This post is sponsored by Chase Mastery. All opinions are mine.
To me, one of the most fascinating financial topics right now is how household finances are evolving because of our generation. Even from just a few decades ago, the average American family's handling of their finances has changed drastically.
I consider myself very lucky – both my wife and I have very close friends in the LGBTQ community that have been married recently (we were both in our friends' wedding parties)! That shift in our culture has created new personal finance dynamics, but that's just the beginning.
Kids now make millennials look like freaking technology scrubs. My wife's job is literally to help teachers figure out how to use technology in the classroom. In her district, EVERY KID HAS THEIR OWN TABLET! How will they manage household finances when they grow up?
And probably the most obvious – women's role as breadwinners continues to evolve.
How our parents handled their finances
My parents have a hybrid of what used to be the male breadwinner, female housewife roles that was common for baby boomers. My dad is an engineer and has made good money throughout his career. My mom was a school secretary for a long time.
I'm not sure if it was a spoken agreement or not, but my mom always handled the bills and my dad had what seemed like final say on the biggest financial decisions.
My wife's parents were probably more “traditional” as it relates to how baby boomers managed household finances. Her dad worked full-time, and her mom essentially stayed home to raise my wife, and then worked part time when Coral started school. There was a clear breadwinner in their family, and her mother handled the bills.
How my wife and I handle our finances
My wife and I don't have defined roles for how we handle our money. She pays some bills, I pay some, and we both work and make money. Every big decision we make with our money comes with an open conversation. We've been together for a long time compared to our age (high school sweethearts), but I can't remember a time that we ever sat down and hashed out our roles.
When we graduated from college, we were both making the same amount of money as teachers. It made sense to have a 50/50 share in how the finances were managed. Even as my business is generating more income than her salary, nothing has changed. The money is our money, not just mine or just hers.
The interesting thing is that most of our friends operate their finances the same way. There is no specified household “Chief Financial Officer”…we just share the responsibilities.
What the numbers say about millennial household CFO's
Chase recently published their “Generational Money Talks” study, which took an in-depth look at how Millennial households are managing their money compared to Baby Boomers and Gen Xers.
The topics in the survey included topics like conflicts between couples across the different generations, women taking a bigger role in household finances and becoming household CFO's, and how confident Millennials are in making financial decisions than Boomers.
Here are a few of the stats that really stood out to me:
- 75% of Millennials and 72% of Gen Xers have money-related conflicts with their spouses, compared to 62% of Boomers
- 78% of Millennial women agree they’re able to make good financial decisions that are new to them, compared to 71% of Gen X and 67% of Boomer women
- 71% of Millennial women agree they’re able to recognize a good financial investment, compared to 59% of Gen X and 55% of Boomer women
I think in general, we are seeing a pretty massive shift in the way that money is being handled. In my opinion, the internet and access to information is one of the main factors. Millennials have WAY more tools at their disposal to educate themselves about financial topics than previous generations.
The other cool reason is that there are a ton of great female personal finance influencers! Some of my favorite money blogs belong to women, and they are killing it in speaking circuits and through their brands. I truly believe that this has a trickle-down effect on Millennials.
Take a second to read through the Chase Generational Money Talks survey and see what you think! There's also a ton of interesting content that ranges all the way from retirement planning to saving up for holiday spending.