Recent research has revealed that income is becoming an increasingly common topic of discussion among online dating platform users. A growing number of users on platforms such as Bumble are asking more money-related questions as they strive to find partners who align with their financial worldview. Although financial planning has always been a crucial aspect of long-term relationships, it is featuring in online dating conversations at higher and higher rates.
A poll of Australian singles on Bumble found that 34% of them believe it’s okay to ask a potential partner about their income early into the relationship while 55% of the singles said that discussing finances within the first 6 months was appropriate.
On the other hand, 82% of the polled Australian singles said their partner’s financial status was inconsequential while just 18% said their partner’s income would affect the relationship. Though small, the latter group represents a growing mindset among single dating app users who want relationships that benefit both parties financially.
These ‘cash candid’ singles, as Bumble refers to them, are living in a cost of living crisis where it is nigh impossible for average earning individuals to build enough equity to buy homes. The annual rent for a capital city unit in Australia has increased from $9600 in January 2020 to $14,700 this year, increasing the costs of living in rental homes, especially as a single.
These high rents are making it harder for renters to save and pushing their dreams of homeownership farther and farther away. Singles accounted for 26.2% of home loan applicants in 2014 but just 20% of the home-buying market in 2023 comprised singles, broker group Lendi notes.
With the housing market forcing potential buyers to dig deeper and deeper into their pockets to afford homeownership, it’s not surprising that many singles are making finances a big part of dating right from the onset. With the right partner, you could potentially double your income and take a step closer to homeownership.
People aged 30 and over are especially likely to factor finances into their relationship, research shows, as many may have accumulated some wealth and would like a partner with assets of their own and similar financial goals.
In a global poll of Bumble users, 95% said their dating decisions were influenced by job security, finances, and housing. Costs of living in most countries have ballooned over the past several years and many folks are struggling to get by, let alone buy homes. For some, pooling resources with a partner may be the only way they can afford to move out of their parents’ homes or avoid living with roommates.
This growing trend could give entities like Momo Inc. (NASDAQ: MOMO) pointers that they can leverage while tweaking their algorithms that help people to find potential dates that they will match with on various parameters, such as income levels.
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