Payment Apps: A New Language of Love
Number of the Day: The most relevant or interesting figure in personal finance
That’s the share of young people in a couple who use a service like Venmo or Cash App to pay their partner at least once a week, according to a new survey.
The popularity of payment apps isn’t surprising given 24% of married Generation Z and millennials still keep separate bank accounts, MagnifyMoney said this week, citing its January survey of nearly 1,000 millennials and Gen Zers who are married, engaged or in a relationship. The subsidiary of LendingTree defined the two generations as people ages 18 to 40.
While it may seem odd to older folks when couples don’t share an account, it probably saves them a lot of agita. Seventy-four percent of partnered millennials and Gen Zers reported being mad at a financial decision their partner made, according to the survey findings. The top two reasons: They made a big purchase without telling their partner or spent money on something frivolous.