“For richer, for poorer, till death do us part” are the famous vows for lovers set to jump the broom. But does the couple usually consider owning a joint bank account to have that perfect marriage? For Millennials and Gen Zs, there is a whole different meaning of what love and commitment mean to them. Some do not mind sharing their intimacy via social media, but how do they feel about sharing finances?
Research proves that couples prefer to keep their money in separate bank accounts. This includes having fewer arguments about what to spend the money on and, consequently, making separation seamless.
But do you believe trusting your partner with your finances can improve things? Here are some points from Greater Good Magazine.
Possibility of a Divorce is Lessened When Couples Own a Joint Bank Account
Following a study by British Cohort Study, couples who operated a joint account are less likely to split than those who did not. The 2022 survey also highlighted that these couples build their relationship on transparency and genuine intentions since spending is only done with heart-to-heart discussions.
Joint Bank Accounts Foster Happy Marriages
More than once. This point has been touted because it is true. Since you will need a partner to give the nod to your spending, it means nothing will be done to hurt you financially and mentally. The level of trust displayed is astounding, and you often see yourselves as team players, not rivals.
The Couple Will Be Content and Have Similar Values
Couples sharing joint bank accounts are content and share similar values. Also, this means that they can make formidable families. Remember that sharing brings thoughtfulness and confidence in one another’s decision-making. Therefore, couples with joint accounts learn they are in each other’s plans.
Despite the upside to couples sharing joint accounts, experts say it is not an absolute solution for a healthy marriage. Instead, they advise that couples understand each other well enough to trust their financial capabilities before venturing into shared accounts. However, running a joint account should be considered before a separate one if you look forward to spending forever with that special person.
