When it comes to money and dating, Gen Zers and millennials may see things a little differently.
Gen Z men were less comfortable than millennials with the idea of their partner making more money than them, according to new data from personal finance app Monarch.
While 9 percent of Gen Z men said they wanted their partner to have a higher income than them, the share of millennial men who said the same was higher at 16 percent.
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Their female counterparts were significantly more likely to want a partner with a higher income for both Gen Z and millennial men.
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For Gen Z women, 31 percent said they wanted a partner who made more money, while 24 percent of millennial women said the same.
Bryan Driscoll, an HR consultant and generational expert, said millennial men are more likely to want their partner to earn more money because they’ve already seen the reality of today’s economy and often face stagnant wages, student debt and “skyrocketing “cost of living.
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“Unlike Gen Z, who are still relatively new to the workforce, Millennials have been battling these economic challenges for over a decade. They are tired of the outdated notion that men should be the primary breadwinners, especially when the traditional model doesn’t do it. work more,” Driscoll told Newsweek.
Overall, Gen Z and millennials were far more likely to be unbothered or even want a partner who had a higher income compared to Gen X and Baby Boomers.
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“It’s a direct result of growing up in a world where financial instability is the norm,” Driscoll said. “They recognize that a dual-income household is not just a nice to have, but a necessity in today’s economy.”
Among Gen X and Baby Boomers, men wanted their partner to have a higher income only 4 and 3 percent of the time.
The generation gap likely reflects how millennials have been forced to question and reject the traditional roles older generations often still cling to.
“In a world where financial survival trumps outdated gender norms, it’s no wonder millennial men are more open to their partners earning more money. It’s a reflection of the times, and frankly, it’s about time,” said Driscoll.
Rachel Lawrence, head of advice and planning at Monarch, said the longer it’s been since women won the right to financial independence, the easier it is to forget what life was like before.
“Millennial men and women who grew up in the 1980s and ’90s, just as women were gaining full financial independence in the United States, are perhaps the most aware of the significance of women being able to earn more than men, especially seeing their parents experience these changes at ages when we generally form our views on money,” Lawrence said Newsweek.
“Gen Z, born after women could be fully financially independent in the United States, did not see their parents go through these pivotal times and may take women’s financial freedom for granted, including the freedom to choose to be a breadwinner or to earn less than their partner.”
Lawrence said you can already see it in the rising “tradwife” (traditional wife) trend that gained popularity among Gen Z women who prefer to rely financially on a partner.
Millennials are also at the age when many are buying a home for the first time or having children, so having a higher household income may be seen as more important than their Gen Z counterparts.
“Some of it is also simply where people are in their lives,” said Alex Beene, a financial literacy instructor at the University of Tennessee at Martin. Newsweek.
“Millennials are more career-minded at this point and are looking to solidify major purchases like a home, saving for retirement and having and maintaining children. They understand the costs associated with them and know they need a partner who can help, whereas Gen. Z can’t yet see the same milestones.”
Michael Ryan, a financial expert and the founder of michaelryanmoney.com, said millennials have already been through “the financial ringer.”
“They’ve weathered the Great Recession, skyrocketing student debt and a pandemic-induced economic rollercoaster,” Ryan shared Newsweek.
“Many millennials I’ve worked with prioritize overall household stability over conforming to outdated gender norms. They’ve learned the hard way that two solid incomes can be a lifeline in tough times.”
While not immune to financial challenges, Gen Z has not experienced the same level of economic upheaval as millennials, Ryan said. They also often have not yet experienced a partner who serves them out and could be worried about the ego hit.
“A lot of Gen Z men are just starting their careers,” Ryan said. “The idea of a partner serving them out can feel more theoretical and potentially threatening to their future prospects.”