Why Modern Couples Are Ditching Joint Bank Accounts

THE JOINT BANK ACCOUNT, COULD SOON BE A THING OF THE PAST, AS MORE THAN FOUR IN TEN MODERN BRITS DEEM THEM OLD-FASHIONED AND OUTDATED

A new report, by digital wealth manager, Moneyfarm, has delved into the secret world of British couples and their finances.

And while a joint bank account was once a given for most married couples, almost a third of modern Brits (under the age of 30) in long-term relationships (31 percent) now refuse to have one altogether.

While four in ten (44 percent) think they are outdated, old fashioned – and a further 43 percent say a joint bank account is usually a sexist way to control a female’s money.

Reasons for snubbing a shared account include spendthrift partners (20 percent) and the desire for financial independence (32 percent), while 29 percent insist that how they spend their money is of no concern to their partner.

More than one in ten (11 percent) simply don’t want their partner to know how much money they have, while 13 percent insist their partner has a terrible credit rating or too much debt to share an account with them.

To add insult to injury – 47 percent have a secret savings account their partner knows nothing about.

Of those secret savers, the average amount they have snuck away is an impressive £19,600.

According to the data, 44 percent say they are secretly saving for a rainy day, while 17 percent are saving for things they want to buy behind their partner’s back.

And when it comes to financial secrets and lies as many as 15 percent of Brits tell their other half they earn less than they do, so they have more disposable income.

While a quarter (25 percent) admitted they have failed to tell their partner they’ve had a pay rise so they can keep the extra cash for themselves.

Chris Rudden, Head of Investment Consultants at Moneyfarm says, “It’s interesting that so many couples are turning away from joint bank accounts which were once seen as a symbol of unity and trust. While financial independence is empowering, it’s crucial that this shift isn’t driven by secrecy or mistrust. Choosing not to share finances should be a conscious decision rooted in mutual respect and transparency, not a way to hide spending habits or income.

Financial secrecy is a red flag that undermines trust and can be deeply damaging to relationships. Transparency builds the foundation for long-term financial wellbeing, helping couples work together toward financial stability and ultimately achieve their life goals.”

Overall, ten percent of those polled have a secret fund to fall back on if something goes wrong in their relationship, with a further 18 percent would consider saving for a breakup.

One in ten regularly hide receipts from their partner, while 38 percent admit they’ve made many financial decisions without consulting their other half.

So perhaps it’s no surprise that the average couple argue about money 13 times a month, with 31 percent admitting financial secrets cause problems in their relationship.

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