A couple’s financial health can make or break their union. While partners are opting to build their financial histories separately, there are positives to having a joint account with your significant other. New York Times writer Lisa Rabasca Roepe explored the pros.
According to a Journal of Consumer Research study led by Jenny Olson of Indiana University, 52-65% of heterosexual couples in Western countries only use joint bank accounts. Dr. Olson, along with her peers, determined that having these shared accounts removes the pressure of “keeping score” out of the relationship.
“Couples do seem to be happier when they have a joint account, at least for those first two years of marriage—and possibly later, too,” said Olson.
Heterosexual newlyweds were targeted for a portion of this 230-person study, because previous research showed that a relationship peaks on a couple’s wedding day, then slowly declines. Olson’s team found that couples that kept joint accounts over many years had better relationships and stronger financial harmony, than those with separate accounts.
A separate study was done on couples who were married for an average of 15 years. Those couples who had joint accounts felt a stronger sense of aligned financial goals and wants with their partner, along with abiding by communal norms. Previous research from Northwest University’s Kellogg School professor Eli Finkel, showed that couples who adhere closer to these communal norms tend to be in happier marriages.
Having a joint account can also build trust and illicit transparency for partners. Family budgeting is easier since all of the money is in one place and it forces alignment on what couples are spending money on. Shared accounts allow for a clearer financial picture and smoother planning in paying expenses for everything from groceries to vacations.
Working towards saving for a house in the future and making retirement plans, is also made easier with a joint account. Many couples find it sufficient to divvy up bills and expenses, as well as retirement savings, although the partner with the higher income is putting more towards their retirement. This would actually reduce the couple’s taxable income which is overlooked. This means with a tax-deferred account the couple will only have to pay tax on the money they withdraw during their retirement.
Although the research is evident that joint accounts do have a positive correlation to happier, more aligned marriages, couples are still skeptical. In 2024 WalletHub created a survey asking participants various questions about their relationship and money. They found that 1 in 3 Americans believe that a joint bank account actually creates more problems. This survey also showed that 2 out of 3 Americans think they can catch their partner cheating through a joint account. But if that’s your reason not to combine assets you probably have a larger problem brewing.