Good Credit Over Good Looks? Millennials are Choosing Potential Partners Who Are Capable of Purchasing a House
According to a new survey, Millenials in Canada are leaning towards partners who are more open to sharing the cost of buying a home. Let’s see what’s behind the trend...
According to a new survey, the Millennials of Canada are now beginning to lean towards partners who are more open to sharing the cost of buying a house. They prefer people with the financial capability to do so over people who are just good-looking.
HSBC commissioned the survey known as “Beyond the Bricks”, which found that almost 3% of their respondents had listed someone’s appearance as a factor, when considering who to date. However, the people who put the property-related quality on top is at 12.7%.
Not The Only Priority
Owning a house (and property goals) are not the only qualities that Canadian Millennials are looking for, when it comes to picking who to date.
Another piece of research was conducted by a research firm named Toluna on November 11, 2018 and December 5, 2018, which polled more than 1,000 Canadian Millennials. They found that more than a quarter of their respondents want to date people that they share hobbies and interests with. The survey also found that 16.9% prefer intelligence, while 14.1% enjoy people with a sense of humour.
11.3% of people interviewed also prefer to be with people whom they have common financial goals with. On the other hand, 9.9% of Millennials prefer dating someone who has the same taste in a house that they want.
When it comes to owning a house, 1.4% of the correspondents said that one of the conditions they have in choosing who to date is whether the person owns a house - and another 1.4% of the correspondents want a potential mate that is a future homeowner.
People are not surprised with these results, however, because they themselves want the same thing! Most Millennials meet their spouses while pursuing a career or studying college.
Things Are Changing
Plenty of things have changed in the 21st Century, and Millennials are trying their best to cope with the times. And this might well be a reason why most Millennials are deciding to pick potential partners who are capable of buying a home.
Unlike past generations, Millennials will often start discussing serious matters even before dating. They discuss their goals, such as investing in real estate, raising children, and even how to prepare for future financial responsibilities.
There are even Millennials who invest in properties before they start dating. Some will purchase a house together with their partner, before they’ve even gotten married!
Too Much Pressure
A study done by HSBC found that 61% of Millennials feel pressured about purchasing a house. This feeling of pressure is not surprising, however.
Barry Gollom, the Senior Vice President of HSBC Canada’s retail banking and wealth management products, said, “That anxiety is understandable… I actually qualify as the last of the Baby Boomers. The relative cost expense of buying a home versus when I was looking and my peers were looking, it's materially different."
HSBC has found that 11.8% of the people they’ve interviewed have said that they stayed with an undesirable, because they had bought a property with their partner. 9.3% of them got stuck in a bad partnership because they couldn’t afford to buy a house on their own.
Gollom explained that when people choose their partners, Millennials tend to choose those who are in a housing-market-ready situation. He further added, "The level of maturity among Millennials, who, at times, are unfairly labelled as materialistic and superficial."
Gollom also said, "I think what this really points to is that they're very practical and mature, in terms of what is important to them.”
The Senior Vice President also said that he is surprised that appearance ranked so low!
"It was a little revealing for me,” Gollom said. “Where we saw that financial goals and property aspirations ranked ahead of appearance, it made me think that looks are fleeting, but your home can last a lifetime."
What do you think of the data shown above? Do you think that Millennials are moving in the right direction? Is the ability to buy a house important in picking a potential partner?
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