Joint Accounts Less Atttractive To Couples

A third of couples don’t have a joint bank account, according to research by Thinkmoney.

The survey of 2,000 adults found that 31 per cent of respondents in a relationship use their own accounts rather than sharing with their partner.

The research also found that:

  • 64 per cent of couples have individual accounts, even if they share a joint one
  • 33 per cent have a joint account but at least one partner also has their own
  • 25 per cent of couples have a joint account but have also bothkept their own individual accounts
  • 34 per cent share an account with their partner, rather than having individual accounts.

The research revealed that age is a factor for couples deciding whether to open a joint account:

  • Nearly half of couples over 55 have a joint account rather than individual accounts
  • At 24 per cent, couples aged between 25 and 34 are least likely to share an account.

Ian Williams from Thinkmoney said:

“Increasingly, choosing to share your life with somebody doesn’t mean that you will share your finances with them too. There’s a lot to be said for maintaining financial independence, but having separate accounts can make budgeting and managing shared expenses such as rent or mortgage, childcare costs and household bills more complex.”

Elsewhere, a study by the National Employment Savings Trust (NEST) showed that UK adults see being ‘good at managing money’ as an essential trait in their partner.

The survey of more than 1,000 adults who were either in a long-term relationship or had recent experience of one revealed that good financial management skills were more desirable than looks or car and home ownership.

The NEST study also revealed:

  • people who’d recently become single were even more likely to look for someone who manages their finances well
  • nine out of ten of those surveyed said ‘good financial planning’ is important for happy relationships
  • the top financial priorities are now saving for a rainy day and pension saving.

Graham Vidler from NEST said: “Financial planning is clearly becoming much more of a priority, which is welcome news. Not only are people prioritising their own finances, but it’s clearly important for other parts of their lives – relationships, potential relationships and plans for their future.”

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