Joined at the hip
Data released by financial institution ME found financial independence is the main reason partners are keeping their finances and romance separate.
COUPLES are losing that loving feeling when it comes to pooling their cash with their other half. Data released by financial institution ME found financial independence is the main reason partners are keeping their finances and romance separate. ME’s survey quizzed 2000 Australians and found that of those in a relationship, only 49 per cent hold a joint day-to-day transaction account, 48 per cent hold a joint credit card and 39 per cent hold a joint online savings account. The number of couples who have a joint transaction account fell by 7 per cent in the past three years.
Andrew Maitland, 33, and his pregnant wife Simona, 31, set up joint accounts when he started full-time work and they started living together.
“My wife was studying at the time and had a low income so we set up a joint account so I could help support her,’’ he says.
“It was a lot easier for us to do this. We have everything together now, including credit cards.”
He says it has worked well but there’s a rule that if either of them spends more than $200 they must have a discussion about what they are splashing cash on.
Maitland says the pair have joint accounts for their mortgage, savings and credit card.
ME’s head of deposits and transactional banking, Nic Emery, says it’s important to set boundaries from the beginning.
“Have a conversation and agree on a system that’s going to work for both of you when you go in,’’ he says.
“There needs to be a degree of trust and understanding on how you are going to both spend and deal with things.
“Continued dialogue, trust, and willingness to compromise should keep your relationship-money woes to a minimum.”