Love might be considered the foundation for a lasting partnership between two people, but other factors such as attitudes towards spending and personal finance are certainly something that can make or break a relationship.
Here, Moneyzine.com has broken down the biggest financial deal breakers for a relationship, looking into the different deal breakers for men and women, and across generations - revealing that for both men and women, the biggest red flag in a potential partner is personal loans. In terms of generational differences, Gen Z are the only generation turned off by a lack of financial knowledge as opposed to existing debts or loans.
The data suggests that for many individuals, becoming involved with someone with prior debts is a significant worry - as is anyone who spends irresponsibly or has no awareness of their finances overall.
Anyone with debt to their name looking for love would be wise to ensure they have a solid debt repayment plan in place and get up to speed on their personal finances, as a comprehensive understanding of this topic is clearly an attractive trait in a potential partnerJonathan Merry, CEO of Moneyzine.com
Biggest financial deal breakers for men
The latest study revealed that in 2023, the biggest financial deal breakers for men are personal loans (31.9%), a lack of financial literacy (27.8%), and credit card debt (27.5%) Also in the top five biggest deal breakers were irresponsible spending and student loans.
With loans or debt accounting for three out of five of the top turn offs for men, it’s fair to conclude that debt in general is a major deal breaker. On the same lines, marking irresponsible spending and a lack of financial literacy as red flags starts to paint a picture of what financial habits can mark a person as an unfit match in men’s eyes.
Biggest financial deal breakers for women
A slight difference in deal breakers can be found between men and women in this study. While personal loans still top the list for women (31.1%), the second biggest turn off is irresponsible spending (30.6%), again followed by credit card debt (30.3%). Also in the top five deal breakers are lack of financial literacy (26.1%) and student loans (22.4).
While irresponsible spending appears to be a bigger turn off for women than it is men, it’s interesting to note that 30.3% of women surveyed said credit card debt was a top deal breaker for them, a significantly higher percentage than men (27.5%) despite it being the third item for both genders.
From this, we could conclude that men potentially have a lower deal breaker threshold than women overall.
Generational differences in financial deal breakers
Loans and debt take the top spots for deal breakers for the majority of generations: the biggest financial deal breaker for baby boomers and Gen X is personal loans, while millennialsare most turned off by credit card debt.
An anomaly in financial deal breakers is Gen Z, who named a lack of financial literacy as their biggest red flag. Interestingly, student loans were in the top three financial deal breakers for Gen Z only - despite this generation being the most likely to have the most student debt considering their age.
Has online dating created more dealbreakers?
Online dating has dramatically increased the radius in which one can meet a potential suitor - instead of hoping you’ll meet the love of your life in your local pub, apps now mean that you can match with someone you’d never ordinarily cross paths with.
However, one recent study from Telematics and Informatics suggested that this abundance of choice isn’t necessarily a good thing. For people prone to ‘excessive swiping’ on dating apps, the study actually revealed a negative impact on the individuals well-being and less overall satisfaction.
What’s clear is that the mass availability of potential partners make it easier to have standards and boundaries surrounding a relationship - and deal breakers are better discussed sooner rather than later.
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