Couples who share bank accounts report fewer financial problems: Study

Asher Notheis

April 05, 04:04 PM April 05, 04:04 PM

Couples who share a bank account may experience fewer problems with money, according to a recent study.

A total of 62% of couples claim to share at least one bank account, and 41% have their funds combined. Of the couples who share at least one account, only 12% said that financial matters had caused problems in their relationship — 25% less than those who do not share, according to a study by Lending Tree.

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“Openness, honesty, and transparency are crucial for a relationship’s success, and that’s certainly true when it comes to money,” said Lending Tree chief credit analyst Matt Schulz. “By sharing an account, it gives each partner equal visibility into what’s going on in that account. That can help grow trust within the relationship.”

The study comes as more than half of people in the United States, 51%, say that financial matters have caused problems in their relationships — 61% of parents with children 18 and younger say the same. Most millennials, 58%, and consumers making between $35,000 and $49,999, 56%, were also likely to say finances have affected their relationships.

Of the respondents who claimed financial troubles had caused problems in current or past relationships, 44% said they hashed the problem out and stayed together. Thirty percent of the other respondents broke up or divorced due to their money problems, and 21% said their problems made them reassess how they handled finances in their relationship. Sixteen percent failed to find a solution to their problem, and 8% agreed to talk about their problem at a later time.

A total of 33% of U.S. residents consider financial security before committing to a relationship, and 29% say they consider financial security before marriage. Additionally, 98% of coupled consumers say they know how much their significant other makes.

A total of 2,000 U.S. consumers were surveyed about their financial experiences with their partners in this study.