Money, Marriage, and Millennials: Significant Relationships, Important Roles, Meaningful Conversations

Ah, February! The shortest month of the year. The time when begin to believe that spring might be right around the corner. And when there is a day designated to celebrate and appreciate the significant others in our lives.

How couples view and manage money has an impact on the health of their relationships. Conventional wisdom says that a quick way to squelch a happy occasion with your partner is to raise the subject of money. However, recent reports and studies indicate that may be changing. A 2016 survey by Ameriprise Financial found that 77% of couples are in basic agreement about their finances. And there’s even better news for Millennial couples: a 2016 Chase Bank Generational Money Talks Study shows that they are much more comfortable having conversations about money, thanks to more openness of their Boomer parents to discuss money with their children as opposed to earlier generations.

The Chase study also indicates that Millennials understand the important role money plays in their lives. It reports that 78% of Millennials follow a budget, 77% say that they have confidence to make complex financial decisions, and 64% are optimistic about their financial future. Millennial generation member Timothy Siburg, who is a member of the COMPASS Steering Committee and frequent contributor to this blog, has shared examples of how he and his wife Allison personify these statistics. They make regular, meaningful conversations about money a priority, such as their monthly pancake breakfasts to discuss their finances.

So Millennials, give yourselves a collective fist bump, high five, or pat on the back. This month, the COMPASS Initiative will give you more ideas and great content to make those important money conversations even better. Each week new articles here on the COMPASS blog will provide practical ideas, personal reflections, and spiritual insights. Follow our Twitter feed and join us on Facebook all month long for great curated content. And view our resources on the COMPASS web page for even more help and guidance. Add your questions and comments to make for an even more enriching exchange of ideas!

Finally, you won’t want to miss this month’s COMPASS Live Chat on Monday, February 20, 8 p.m. Eastern, 7 p.m. Central, 6 p.m. Mountain, 5 p.m. Pacific. Staff from brightpeak financial will share some great ideas for making your money conversations even more meaningful. Just connect to the Chat on February 20 with this link: https://stewardshipresources.adobeconnect.com/compasschat217/

Stewarding our God-given relationships and resources is one of our most essential responsibilities as followers of Jesus. The COMPASS Steering Committee and I look forward to engaging with you as we meet each other on Facebook, Twitter, and at our Live Chat!

The Ecumenical Stewardship Center’s COMPASS Initiative engages young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS web page, follow us on Twitter, and join the COMPASS community on Facebook.