Are Your Finances Joined With Your Partner?

Published: 5 May 2010 By MoneyHighStreet Staff Leave a Comment

Joining finances together with your partner may seem a natural step for many but perhaps surprisingly almost a third decide to keep some financial independence.

Personal FinanceResearch by Tesco Bank has uncovered that some 29% of people in relationships are deciding not to join financial forces.  In fact it takes couples an average of two years before merging finances with their partner.

Even those who do decide to pool their personal finance and open a joint account still opt to maintain some financial indpendence and don’t join all their financial resources.

Sharing savings accounts is more popular amongst couples than sharing credit cards or life insurance.

A Tesco Bank spokesperson commented: “Despite sharing so many elements of our life when in a relationship, most of us still try to retain a modicum of financial independence. Interestingly, the research revealed that couples are much happier combining their savings than their spending and that a third of us would use our joint finances to fund a treat or even anniversary present for our partner.”

Interestingly enough, while a joint account gives couples the convenience of paying bills, mortgages and the weekly shop, over 30% are also dipping into their combined finances to pay for anniversary gifts, special occasions and treats – is that a good idea?

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