COVID-19 has changed so much of our lives. But we wanted to learn more about how it has impacted couples and their finances. So we surveyed 300 Millennial couples about money, COVID-19, and their relationship. Today, we’re excited to share the results in our 2020 Love and COVID-19 Survey. They are eye-opening.
We found that 56% of couples feel less financially secure since COVID-19, and 22% of couples are worrying about money every single day.
On top of that, couples are earning less, saving less, and spending less since COVID-19:
- 52% of couples are earning less
- 51% of couples are saving less
- 53% of couples are spending less
Couples are also delaying their financial goals. 75% of couples have postponed a big financial goal because of COVID-19, and 55% of couples are worried about achieving their financial goals at all.
Here are the top financial goals that couples have postponed because of COVID-19:
- Going on a big vacation: 47%
- Buying a new home: 24%
- Building an emergency fund: 23%
- Doing a home renovation: 21%
- Buying a new car: 19%
- Having a baby: 19%
- Getting married: 13%
- Saving for college tuition for kids: 11%
We asked couples what emotions they feel when they think about money. Here are the top results:
- Stressed: 53%
- Overwhelmed: 42%
- Frustrated: 37%
- Nervous: 35%
- Annoyed: 28%
- Confused: 16%
Almost a third of couples (32%) say money conversations are harder since COVID-19, and 34% of couples are talking about money more since COVID-19. Moreover, 38% of couples are fighting about money at least once a month.
The situation is especially tough for low-income couples. 74% of low-income couples feel less financially secure since COVID-19, 89% worry about money at least once a month, and 49% worry about money every single day. Additionally, 66% of low-income couples don’t feel financially secure and 63% are fighting about money at least monthly.
Additionally, compared to a survey from January 2019, 10% fewer couples report having a great sex life.
Check out this infographic laying out the results.
Are you and your partner looking for help with your finances? Check out Honeyfi in the App Store and the Google Play Store.