ME survey suggests independent women are ditching joint bank accounts
Article by Roisin Kelly-Goldsmith
Joint bank accounts are becoming less popular among couples, which could be due to a generational shift of more independent women, a new survey by ME Bank has revealed.
Through interviewing a sample size of 2,000 transaction account holders, the bank found a 7% joint bank account drop over the last 3 years.
More than half of survey respondents in relationships said they “had no need” to share bank accounts, while 32% preferred to remain financially independent from their partners.
“The decline could be fuelled by younger generations seeking greater financial independence, particularly women; and people being set in the ways around money,” said ME Head of Deposits and Transactional Banking, Nic Emery.
“Our data also shows 77% of couples opened their individual transaction account before they entered into a relationship with their partner, which suggests that many have become accustomed to managing their money a certain way.”
Other findings included that baby boomers held the highest number of shared bank accounts in comparison to generation X and Y.
But overall, Emery was surprised by the drop in couples choosing to pool their finances at all, as the “trend contrasts against other relationship traditions such as how the majority of women still take their husband’s name”.
Ways to keep a relationship financially strong:
- Set up a time with your loved one to discuss finances and establish some shared goals. For tips, read this blog post.
- Fine tune your budget together with our online calculator, making room for compromises on both sides.
- Even if joint bank accounts aren’t your thing, set up some savings goals using this tool and find out how much you’ll need to put aside individually or together to get there.
Feel like your current bank account is chipping away at your hard-earned cash in fees? Get things sorted by comparing products at our dedicated hub.