Younger couples more likely to have separate financial accounts, survey finds
Just over 20% of Gen Zers and Millennials say financial infidelity is worse than physical infidelity
(InvestigateTV) — Only about one in four Gen Zers and only about a third of Millennials are completely combining their finances with their spouse or partner, according to a new Bankrate.com survey.
Ted Rossman, a senior industry analyst with Bankrate.com, said what usually works best for couples falls somewhere in the middle.
“I think the yours, mine and ours approach works really well for a lot of people,” Rossman explained. “So that would be you have some money that’s yours and yours alone. A lot of people like that independence. But then you also have money that’s shared for household goals. I think that’s important, too.”
Rossman said completely separate accounts leaves room for secret debt or spending. He said transparency is important but there’s no one size fits all answer.
“Maybe schedule an informal money date with your spouse every month or every few weeks and just check in, because I think that’s part of the advice here is we need to get pulling in the same direction,” Rossman suggested.
Rossman said even if partners want some independence over their finances, whether they’re married or in a relationship and living together, there will be joint financial objectives.
His best advice is to talk early and often about financial goals and responsibilities.
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