Couples keep cash separate
FOUR out of five couples have joint bank accounts but a majority of them still like to keep separate money on the side, new research has found.
And more than 60 per cent of partners have arguments over money at least sometimes, according to the new study from Beyond Bank Australia of mostly-married couples.
It found that 82 per cent of couples have joint accounts, usually started when they get married or start living together. However, 66 per cent also have separate accounts, mainly to keep some financial independence.
Beyond Bank’s general manager customer experience, Nick May, said this was not surprising, “especially if they have established jobs and have been managing their own savings and bills for some time”.
“It’s hard to give up that sort of freedom and maybe these days, it’s not a bad idea to consider joint and separate accounts,” he said.
“Banking has become really flexible and this means it is easy for couples to manage both a joint account and a single one.”
The research found that the main reasons for couples’ money arguments were about how much was being spent, and the need to save more.
Mr May said managing money was tough, and sometimes tougher when shared with someone.
Sam Hooper and Bec Butcher have been living together for seven months and started a joint account when they set up house.
“We also have our own accounts. Bec has got money in it and I don’t,” said Mr Hooper, 28.
“I’m the spender and Bec is the saver – I buy all the things I probably shouldn’t,” he said.
“If we have an argument about money, it would be about how much we want to spend on a holiday.”
People’s Choice Credit Union spokesman Stuart Symons said couples working towards the same financial goals made things smoother.
“With both of you working to achieve them, you’re likely to get there faster,” he said.
Mr Symons said couples getting serious in a relationship should ask their partners about their debts, even though it was an awkward question.
“It’s healthy to discuss your debts at an early age because you will both understand what you’re entering into. You can then put in place steps to control the debt,” he said.
“Uncontrolled debt is one of the greatest stresses for any relationship and has been linked to many separations.”