Joint bank accounts correlate with higher marital happiness among Americans (2024)

FAQs

Are couples with joint bank accounts happier? ›

Key Findings. Respondents who used only joint bank accounts were also the most likely (60.3%) to say that they were “very satisfied” with their relationships. 55% of couple who use only joint bank accounts say they never fight about money, while only 39% of partners who have personal accounts can say the same thing.

The authors found that couples who had merged finances scored about 29% higher on the communal-norm adherence questions than couples with separate accounts. Couples with merged accounts also scored about 43% higher on the financial-alignment questions.

According to a recent report by Bankrate, 39% of couples who are married or living together completely combine their finances, while 38% have a mix of joint and separate accounts and 24% keep finances completely separate.

A joint account lets you share money with someone you trust. You'll both be able to manage the account, including making payments and paying bills.

Having a separate bank account in marriage gives you a sense of financial independence, self-identity and empowerment. You make more than your spouse. I have friends who out-earn their husbands by a considerable margin and don't like the idea of splitting the difference, no matter how educated or progressive they are.

Most joint bank or credit union accounts are held with “rights of survivorship.” This means that when one account owner dies, the money passes to the surviving owner, or equally to the rest of the owners if there are multiple people on the account.

Joint bank accounts are best for couples who've been together for a year or more and have shared expenses, but only if both people manage their finances responsibly. If your spending habits are similar to your partner's, you're more likely to benefit from joining funds.

Pros of shared accounts include a shared approach to money and better-informed couples. Cons of shared bank accounts include lack of privacy and shared consequences to financial decisions.

The main benefit of a joint bank account is that it makes your financial life easier. You can reduce the time, cost and hassle of paying bills by sharing household expenses such as mortgages, car payments, utilities and groceries.

What's the best bank for joint accounts? ›

Key takeaways. Keeping separate bank accounts after marriage could help you stay engaged with your money. Paying for shared expenses could mean using bill-splitting apps and extra planning for emergencies, but it's worth it for some couples.

There are a few ways to do it, and there's no one “right” answer. You could just split everything 50-50 and call it a day. But if your incomes aren't anywhere close to equal, one person may be putting entire paychecks toward shared bills, while the other has a lot of extra money to spend.

While some experts recommend you save at least one year's worth of your household income by the time you reach age 30, it doesn't hurt to save even more. When you are ready to retire, it's a good benchmark to strive for at least 9x to 11x your household income in savings.