With ongoing layoffs and economic uncertainty, singles are looking for financial literacy in new partners. Financial planners have emerged as the most popular occupation for a potential match
NEW YORK, Feb. 28, 2023 /PRNewswire/ — Dating.com – part of Social Discovery Group, the company behind over 40 online dating sites – today released findings from a recent survey that revealed singles are worried about job security and looking for financial security in a match. They are seeking partners with good credit and strong contributions to a 401K. Daters blame ongoing, widespread layoffs for their increased interest in partners with financial savvy and savings, and financial literacy is on the rise as a top in demand quality that singles are searching for.
“Traditionally, finances have been a discussion topic people have tried to stay away from with a new match,” said Maria Sullivan, Dating Expert and Vice President of Dating.com. “Daters have typically waited to address this until the new relationship has progressed and gotten more serious. Now, with layoffs taking place every day and singles’ financial security at risk, it is becoming more common for people to have the conversation much earlier than ever before.”
Key survey findings include:
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45% of respondents reported that they plan to ask about personal finances on the first date
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50% said that they would end a relationship after finding out that their partner’s 401K contributions are unsatisfactory
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52% of those surveyed reported that they are currently seeking financial wellness in a new partner. A majority said this is due to widespread layoffs and ongoing inflation
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45% responded that they would feel comfortable asking about credit scores with a new partner within the first three months of dating
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47% reported that they would like to align on financial goals with a new partner before the relationship becomes serious
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Financial planners have emerged as the most popular occupation in a potential match
Maria’s tips for successfully navigating economic chaos and aligning on financial goals as a couple include:
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How to cope with your partner’s layoff. In the event that your partner is laid off, the best thing you can do is show understanding and positivity. Instead of panicking and showing your own stress related to their layoff, remain calm and optimistic in the moment. It can highlight your positive qualities like empathy and selflessness, and it can show that you’re capable of supporting your partner in the face of a crisis. It would also be helpful to start discussing budgeting as a couple, and to consider putting savings for future purchases like a car or a home on hold as your significant other searches for a new role.
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Understand your own financial goals before discussing them with others. In this economic environment, it’s tempting to focus on finding a financially savvy match who has their bills paid on time, with additional savings and disposable income. However, it is important to have a good understanding of your own finances before aligning or starting the conversation with another person. Consider your own student loans, credit card debts, salary, savings, 401K contributions and investments before trying to understand someone else’s.
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Set short and long term goals. Repaying debt and achieving wealth can be an overwhelming task for most people. Set short and long term goals for yourself (and your partner) that are realistic, and challenge each other to save for each of your aspirations if possible. For example, if your long term goal is to purchase a home in the future, set three short term goals you can work towards every week: to pay down any existing debt; to skip small and unnecessary expenses, like picking up a pricy latte every day; and to save a certain amount of money per week towards your dream house.
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Run the numbers and set a budget. Many people don’t truly know the amount of money they spend on things such as restaurants, coffee, gym memberships, bills, and more until they sit down and create an actual budget for themselves. When trying to align on financial goals with a partner, set aside time for you both to review your charges and expenses over the last few months. Oftentimes, this will reveal wasteful spending that can easily be cut out if you really want to save, and will help you figure out a realistic budget that you both can stick to.
About Social Discovery Group: Social Discovery Group (formerly SDVentures) is a global tech company comprising over 40 brands, an investment fund, and a venture studio. It focuses on solving issues of loneliness, isolation, and disconnection through social Social Discovery Companies. With offices on five continents and a team of more than 700 professionals, the company serves 250+ million users across 100 countries. For more information, please visit www.socialdiscoverygroup.com.
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SOURCE Dating.com